Forex: NZD/USD higher on improved NZ business confidence
_iNVEZZ.com Thursday June 27th:_ During Asian trading today, the New Zealand dollar gained slightly on its US counterpart, after mixed New Zealand updates, with the pair rising to 0.7844, a session high to this point. Currently the quote is trading close to yesterday’s high, around 0.7825.
New Zealand’s trade surplus for May was reported late yesterday at NZ$71 million, well down on the NZ$174 million in the prior month and at a marked disparity with the forecast NZ$400 million.
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The ANZ New Zealand business confidence index, released at 02.00 BST today, registered a rise to 50.1 this month, from May’s reading of 41.8.
Despite the downward revision of US first quarter growth, reported yesterday, the greenback remains supported by widespread expectations that the Fed will start to unwind its asset purchases program later this year.
US GDP expanded at a 1.8 percent annual rate in Q1, against unrevised estimates for 2.4 percent.