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NZIER Quarterly Survey of Business Opinion bounces from Mar QTR low

Written by Sam Coxhead on July 5th, 2011.      0 comments

10:15 AM (NZT) After to a very quiet session offshore with the US taking the Independence Day holiday, the NZ Institute of Economic Research just released their Quarterly Survey of Business Opinion(QSBO). The headline number has rebounded from the March QTR plunge to -27 in the wake of the February earthquake, to record a +27 reading for the June QTR.
The NZD has responded positively before the number was publically available to set a new post float high at .8330 before drifting back to its current level. A bounce in the QSBO was to be expected and just adds a little further momentum to the NZD. We are closing in of some substantial technical levels against a number of different currencies and I expect that further ground from here will be harder fought ahead of the GDP number on Thursday.
Yesterdays disappointing Australian Building Approvals and Retail Sales numbers have all but confirmed that the RBA are likely to leave the Australian cash rate on hold at the current 4.75% level for the remainder of the year. If the current phase of positive data continues for the NZ economy, no doubt investigations higher by the NZD against the AUD will be played out over the coming weeks and months.
          Past 24 hours
  Current level Pre- QSBO  % Chge since NZIER QSBO   Low High
NZD/USD 0.8316 0.8324 -0.10%   0.8274 0.8330
AUD/USD 1.0742 1.0744 -0.02%   1.0711 1.0788
NZD/AUD 0.7743 0.7745 -0.03%   0.7677 0.7758
AUD/NZD 1.2915 1.2912 0.03%   1.2890 1.3026
NZD/GBP 0.5168 0.5172 -0.08%   0.5143 0.5175
NZD/EUR 0.5720 0.5723 -0.05%   0.5691 0.5725
NZD/YEN 67.15 67.20 -0.07%   66.83 67.25
NZD/CAD 0.7983 0.7991 -0.10%   0.793 0.7999