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NBNZ Business Confidence softens, NZD pretty much unaffected.

Written by Sam Coxhead on August 31st, 2011.      0 comments

1:15 PM (NZT) The just released NBNZ Business Confidence Survey dropped to 34.4 from the previous read of 47.6. This softer number comes on the back of a large rebound following the earthquakes in Christchurch earlier in the year.  The NZD was moderately unaffected by this release.

The NZD, and to a lesser extent the AUD have been in demand across the board this week in the wake of the central bankers symposium in Jackson Hole. The prospect of further quantitative has certainly built its momentum, with equities, commodities and the currencies all making ground on the US dollar, although to a lesser extent for the EURO.

The debt concerns remain in Europe, and after the disappointing Italian debt auction overnight, the European Central Bank was once again in the secondary market buying Italian bonds in an effort to support the market. This is a short term measure in its current format and highlighhts the ongoing concerns the markets have with regards to funding Europe as a whole.

Whilst the markerts are positive for the most part currently, no doubt some level of fear is not far away and as we approach more important ecoinomic data as we move into the end of the week, we maywell see the volatility grow once again.

          Past 24 hours
  Current level Pre-NBNZ B-Con  % Chge NBNZ B-Con   Low  High
NZD/USD 0.8512 0.8507 0.06%   0.8498 0.8559
AUD/USD 1.0663 1.0664 -0.01%   1.0617 1.0720
NZD/AUD 0.7980 0.7983 -0.04%   0.7949 0.7998
AUD/NZD 1.2531 1.2527 0.04%   1.2503 1.2580
NZD/GBP 0.5220 0.5217 0.06%   0.5174 0.5247
NZD/EUR 0.5901 0.5901 0.00%   0.5843 0.5920
NZD/YEN 65.25 65.25 0.00%   64.99 65.44
NZD/CAD 0.8335 0.8336 -0.01%   0.8285 0.8370