The New Zealand dollar that declined to a 2-day low against the Aussie in early Wednesday Asian deals recovered some of its losses after a report showed that business confidence in New Zealand rose in April.
The kiwi also recovered its early losses against the euro. Against the greenback and the yen, the kiwi moved higher from an early Asian session’s choppy trading.
The latest survey from the the National Bank of New Zealand showed today that a net 50% of respondents are expecting better times ahead, up 7 percentage points from March.
Firms’ own activity expectations nudged up 4 percentage points in April to 43%. A net 26% of businesses expect higher profits over the year ahead, while employment intentions nudged higher by 4 percentage points, with a net 13% expecting to hire staff in the year ahead.
The New Zealand dollar rose against the US currency in Asian deals on Wednesday. As of now, the kiwi-greenback pair is worth 0.7160, up from yesterday’s close of 0.7120. The next target level for the kiwi is seen at 0.726.
During Asian deals on Wednesday, the New Zealand dollar climbed against the Japanese yen. At present, the kiwi-yen pair is worth 66.8 with 68.3 seen as the next upside target level. The pair closed yesterday’s trading at 66.40.
Japan’s retail sales report for March released earlier in the session likely influenced the yen.
The New Zealand dollar that slipped against the Aussie in early Wednesday Asian deals recovered after touching a 2-day low of 1.2930 at 10:25 pm ET. Currently, the aussie-kiwi pair is worth 1.2890, compared to Tuesday’s close of 1.2873. If the kiwi advances further, it may likely target the 1.282 level.
The Aussie surged up today in early Asian deals after a report showed that Australia’s consumer price index rose more than expected in the March quarter.
The New Zealand dollar plunged to 1.8543 against the euro before bouncing back at 10:15 pm ET Tuesday. The euro-kiwi pair that closed yesterday’s New York session at 1.8522 is presently worth 1.8460. If the kiwi gains further, it may likely target the 1.839 level.
Looking ahead, the Italian business confidence report for April has been slated for release in the upcoming European session.
The U.S. Federal Open Market Committee is scheduled to announce its interest rate decision at 2:15 pm ET.