The New Zealand dollar pared some of its gains against US dollar after a monthly survey showed continued weakness in corporate confidence in November, but the domestic currency is expected to resume rising. NZD rose after FED Governor Powell said interest rates were still below neutral range.
However, it weakened when the New Zealand Business Outlook Survey showed that business confidence in New Zealand remained weak in November, with companies looking at their own business activity unchanged from the previous month.
Confidence in the business sector was - 37.1 points by ANZ business forecast survey. Investors are also awaiting news of a possible solution to the US-China trade conflict, with leaders of the two countries sitting in weekend talks at the G20 meeting in Argentina. NZD/USD is currently trading near the 0.6860 level.
