The New Zealand Dollar has had a totally dismal run over the past 10 days and on both Tuesday and Wednesday it once again finished bottom of our one-day performance table. Indeed, over the past five trading days, NZD/USD has traded on ‘big figures’ of 73, 72, 71 and now 70 US cents. Yesterday’s collapse to a low of just 0.7060 marked a fresh 2018 low and was the weakest for the pair since back on December 27th last year.
We highlighted yesterday the New Zealand visitor arrivals figures which showed the top source of inbound visitors in March 2018 was Australia, at 37% of all visitor arrivals followed by China and the US with 11% and the UK with 7%. The data showed 3.82 million visitors arrived in New Zealand in the year to March 2018; an increase of 276,200 (8 percent) from the previous year. Speaking in India this week, Tourism New Zealand regional manager, South and South-East Asia, Steven Dixon said, "In 2017-18, ending February, we hosted 62,000 travellers from India, which was 16.05 percent growth over the previous year. So, looking at the trend this year, which began in March, we expect the growth to be in double digit as well." New Zealand government has set a target of 1,00,000 visitors from India by 2023, and if the growth continues at the current rate it will be achieved earlier. It’s time to look up the NZD/INR cross rate!
After yesterday’s ANZAC day holiday, the next focus of attention locally in New Zealand will be the trade figures on Friday as well as the April consumer confidence numbers. The New Zealand Dollar opens in Asia this morning at USD0.7060 and AUD/NZD1.0710.