New Zealand Businesses Confident in the Kiwi

The New Zealand dollar--nicknamed the Kiwi--appreciated against world currencies on Tuesday after a report was released showing that business confidence on the island nation reached a

in May. The Kiwi has been appreciating against the U.S. dollar since March, and is presently near its 5-year high. On Friday, the Kiwi appreciated after New Zealand's Finance Minister

reported that a Chinese sovereign wealth fund was interested in purchasing New Zealand's debt. New Zealand's central bank cut its rate back in March, following the earthquake in the Pacific. That rate cut may have had a positive effect on business confidence in New Zealand, as credit flow increased. Traders looking to play a stronger Kiwi might consider WisdomTree Dreyfus New Zealand Dollar Fund (NYSE:

). Alternatively, traders may also look at iShares MSCI New Zealand Investable Market Index Fund (NYSE:

). ENZL is more of a broader play, as it attempts to return a value corresponding to the relative strength of New Zealand's economy. BNZ is more a pure-Kiwi play, as it tries to return a value corresponding to the strength of the Kiwi.