The business climate in New Zealand took a U-turn in January on fears of a global coronavirus pandemic. The index missed the initial anticipations for an improvement to -7.9 and fell to -19.4 in January.
This was the first deterioration in 5 months, as the index plunged from -13.2, that was recorded in December of 2019.
New Zealand Business Confidence. Image source: TradingEconomics.com
It appears that the spread of the coronavirus globally may turn into a severe issue for the RBNZ. The central bank may even be compelled to consider reducing its interest rate further to accommodate its reeling economy.
Meanwhile, the NZDCAD jumped from the major support level at 0.84024 and is currently consolidating between it and the 61.8 per cent Fibonacci retracement level at 0.84856, which is serving as a resistance level.
NZDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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