NZD/USD cheers improvement in New Zealand business confidence, jumps 23 pips

• The NZD picked up a bid soon before press time as the New Zealand business confidence improved slightly in December.
• NZD/USD jumped 22 pips to a session high of 0.6829 and is now trading at 0.6817.

The NZD/USD jumped 22 pips after the data released in New Zealand showed that level of pessimism among firms waned somewhat in December.

The NZD business confidence rose to -24.1 in December from the November’s print of -37.1. The business confidence survey has shown persistent pessimism since the Labor-led coalition government was formed last year. That is somewhat confounding as the economy has remained resilient in the face of rising global uncertainty.

With business confidence out of the way, the focus now shifts to the New Zealand third quarter GDP data, which is expected to show that the economy expanded at an annual pace of 2.8 percent. The global dairy trade auction, due today, could also influence the NZD pairs.

At press time, NZD/USD is trading at 0.6816, having clocked a high of 0.6826 a few minutes ago.

NZD/USD Technical Levels