The National Bank of New Zealand’s report on consumer confidence this month struck an optimistic tone with investors, who have been moving sporadically in and out of risk these past two weeks as the crisis in Greece captivates headlines. The report, which came in significantly higher than last month, underlines a growing trend in the Pacific countries that are seeing more growth than their other Western counterparts in Europe and the Americas.
The NBNZ figure acts as a leading indicator of economic health in New Zealand. It factors into portfolio analyses regarding such growth measures as consumer spending, income levels, financial and economic outlook, as well as business optimism toward expansion. With the figure growing in June, many traders are attempting to anticipate a bull run for the New Zealand dollar (NZD) in the days ahead.