The NZD has slipped to the bottom of the currency performance rankings over the past 24 hours. Having recovered back to almost 0.8180 yesterday, the NZD/USD was slammed back below 0.8130 overnight. The kiwi’s underperformance is somewhat surprising given the clear strengthening in local fundamentals. Yesterday’s November ANZ business survey hit the turbo button. Headline confidence hit the highest level since early 1999. The details were strong too, particularly the labour market indicators which point to a sharp drop in the unemployment rate in coming quarters.
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