NZDCAD

New Zealand dollar / Canadian dollar

There has been a sharp fall in consumer confidence in New Zealand, which causes fears of a deeper-than-expected recession.

It is noted that retail sales in Canada for October increased by 1.4% compared to September. The figure is lower than analysts' forecasts, which is an increase of 1.5%. However, it is the largest growth in the last 5 months. According to estimated data, November sales may have fallen by 0.5%.

Business confidence in New Zealand dropped to a record low in December. Its decline occurred after the central bank drastically increased interest rates.

The Canadian dollar strengthened against the U.S. currency. Investors expect that the easing of COVID restrictions in China will increase demand for oil, which is one of the main exports of Canada.

The New Zealand dollar is up 18% from its October low. New Zealand's currency was boosted by the easing of COVID curbs in China and optimism about the fact that rates are nearing their peak.