The New Zealand Dollar has been totally friendless over the past 10 days and on Tuesday 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 this morning 70 US cents. Today’s collapse to a low of just 0.7075 is the weakest point since January 3rd and will need to fall only a few more pips for headline writers to be reporting a fresh 2018 low. The NZD/CAD cross, meantime, has fallen more than 3 ½ cents from its high of 0.9495 on March 13th and this morning stands at its lowest level since early-February.
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 today’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 Kiwi Dollar opens in North America at USD0.7095 and NZD/CAD0.9125.