Investors and market analysts expect to see indications that businesses in New Zealand see a marked improvement in both internal and external economic conditions.
The business confidence index in the country registered its first monthly improvement in October after recording five consecutive months of subsequent depreciation.
New Zealand Business Confidence. Image source: TradingEconomics.com
The Governing Council of the Reserve Bank of New Zealand has expressed on multiple occasions their concerns regarding the subdued investment rates in the country.
It is for that reason that the strengthening of business confidence is regarded as a necessary step towards supporting heightened rates of investments within the local economy.
This would also result in boosting the strength of the NZD dollar against all other major currencies.
The NZDUSD is currently consolidating below the upper boundary of the tight range, with resistance at 0.64260 and support at 0.63300.
Given that an invigorated business confidence would likely result in overall economic expansion, Thursday’s data could prompt the price of the currency pair to finally breakout above the range and establish a new bullish trend.
NZDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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