The NZD/USD pair recovers some lost ground to near 0.5980 on Thursday during the Asian trading hours.
NZD/USD gains ground to around 0.5980 in Thursday’s Asian session. ANZ Business Confidence rose to 65.7 in October vs. 60.9 prior. Investors await the US PCE inflationdata on Thursday. The upbeat New Zealand business confidence and Chinese Manufacturing Purchasing Managers' Index data underpin the China-proxy New Zealand Dollar . New Zealand business confidence jumped further in October, rising to 65.7 from 60.9 in September, according to a survey by the ANZ bank.
Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD.
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