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NZ Building Consents and NBNZ Business Confidence add a little more to the rampant NZD demand

Written by Sam Coxhead on June 30th, 2011.      0 comments

1:15 PM (NZD) The morning trade has been more about end of financial year buying of NZD and AUD, than the +2.2% NZ Building Consents number and the slightly higher NBNZ Business Confidence number that gave the NZD a small extra boost.
The Business Confidence numbers shows a continued bounce back from the lows seen after the major earthquake in February.
Apart from the sighted demand for the AUD and NZD, the USD has been under pressure from stop loss buying of EURO and a far lesser extent GBP.
The focus looks of the markets looks to be shifting from the European debt situation, assuming today’s Greek vote goes through, to the debt ceiling in the US.
With ratings agencies clearly warning the US that any kind of delayed payment of bond payments will constitute default, tense negotiations continue at the US Congress level. This will likely come the focus over the coming weeks.
          Past 24 hours
  Current level Pre- NBNZ Business  % Chge since NBNZ BC   Low High
NZD/USD 0.8289 0.8277 0.14%   0.8046 0.8118
AUD/USD 1.0712 1.0704 0.07%   1.0515 1.0711
NZD/AUD 0.7738 0.7733 0.07%   0.7666 0.7758
AUD/NZD 1.2923 1.2932 -0.07%   1.2890 1.3044
NZD/GBP 0.5155 0.5150 0.10%   0.5067 0.5152
NZD/EUR 0.5729 0.5720 0.16%   0.5640 0.5723
NZD/YEN 66.81 66.78 0.04%   65.63 66.91
NZD/CAD 0.8027 0.8012 0.19%   0.7942 0.8034