New Zealand Dollar Rises Against U.S. Dollar on Contradicting Business Confidence Data

The New Zealand dollar rose against the U.S. dollar on Tuesday after two business confidence surveys showed opposite results. According to the

, business confidence declined to 48.2 in May from 49.5 in April. According to the

, however, business confidence rose from 29.5 in April to 39.7 in May. The New Zealand dollar rose against the U.S. dollar in Tuesday's early trading. Around 5.46 am GMT, the U.S. dollar stood at 1.2129, or 0.74% below yesterday's close. The contradicting business confidence data was not enough to push the New Zealand dollar against the euro, however. The euro stands around 1.7434, or 0.1% higher than Monday's close. Traders who believe the business confidence and the state of the New Zealand economy will continue to improve, especially as the government reconstruction program kicks in, following a devastating earthquake in Christchurch, will be interested in the ETFS Long NZD Short USD (

) or the WisdomTree Dreyfus New Zealand Dollar Fund

. Those traders who believe the business confidence will start to decline will be interested in the ETFS Short New Zealand Dollar Long US Dollar ETC ETF (SNZD).