Thursday in Asia, the NZ dollar plummeted against its major counterparts as business confidence in New Zealand declined in November. The kiwi fell to a 2-day low against the greenback and multi-month lows against the euro, yen and the aussie.
According to survey results released today by National Bank of NZ, the bank's index of firms showed a net 43 percent expecting better times ahead, a decline of 5 percentage points from October.
The largest decline came from the construction sector, which fell 14 points.
NBNZ said improvement was seen in key sub-components of the survey.
A net 5.0 percent said they expect to hire personnel in the coming year. The survey showed 35 percent of businesses expect the jobless rate to increase over the year, a two-year low.
The New Zealand dollar, which closed yesterday's trading at 64.05 against the yen fell to 62.73 in Asian deals on Thursday. This set the lowest point for the kiwi since September 04. On the downside, 61.8 is seen as the next target level for the NZ currency.
The Bank of Japan's board members said that the global financial markets remain at risk amidst uncertain conditions, minutes from the October 30 monetary policy meeting revealed today.
The board added that the recovery for the U.S. economy is likely to lag behind the rest of the world, reiterating the need to take appropriate and flexible steps in a timely fashion.
During early Asian deals on Thursday, the New Zealand dollar plunged to a new multi-month low of 1.2779 against the Aussie. The next downside target level for the kiwi is seen at 1.286. At yesterday's close, the aussie-kiwi pair was quoted at 1.2729.
New capital spending by private businesses in Australia decreased a seasonally adjusted 3.9% quarter-on-quarter to A$26.55 billion in the third quarter, after rising a revised 2.1% in the second quarter, the Australian Bureau of Statistics reported today. Economists had expected capital expenditure to rise 1%.
On a yearly basis, total new capital expenditure declined a seasonally adjusted 1.3%.
The New Zealand dollar that rose to a 2-day high of 0.7336 against the US currency at 5:05 pm ET Wednesday declined thereafter. At 10:40 pm ET, the kiwi-greenback pair touched a 2-day low of 0.7247, compared to yesterday's New York session close of 0.7331. If the kiwi drops further, it may target the 0.720 level.
The New Zealand dollar dropped to more than a 2-month low of 2.0890 against the euro in early Asian trading on Thursday. If the kiwi slides further, it may target the 2.10 level. The euro-kiwi pair was worth 2.0659 at yesterday's close.
The Italian business confidence for November and trade balance for October and the Euro-zone October M3 money supply reports are expected in the European session today.
The U.S. markets will be closed today in observance of Thanksgiving holiday.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.