New Zealand Dollar Hits Record High on Accounts

The kiwi, how often the New Zealand currency is referred to, touched an eleven-month high versus the greenback and gained versus most of the 16 main traded currencies as international and domestic factors raised attractiveness for the high-yield profile of the South Pacific currency.
Today, the current account deficit shrank to the lowest level in 4 years in New Zealand, fact which could be interpreted as another improvement for the kiwi recovering economy. Being a producer of agricultural commodities, New Zealand also provided support for its currency to climbed as dairy products prices are set to rise for the next 12 months, according to Fonterra Cooperative Group Ltd., adding attractiveness for the kiwi which has been one of the best performers today in foreign-exchange markets. The Asian Development Bank forecast a faster rebound for the region’s countries, affecting positively risk appetite among traders, that opted for South Pacific currencies in today’s session.
The kiwi is finding support to grow further in both domestic and international scenario. The New Zealand economy is showing itself one of the most resilient among the world wealthiest countries, attracting investors with renewed confidence to purchase assets in one of the best bets in trading markets currently, since the commodity linked profile of the kiwi is likely to accelerate further growth fort the kiwi towards the end of the year.
NZD/USD traded at 0.7215 as of 12:16 GMT from a previous rate of 0.7035 yesterday. NZD/JPY traded at 65.95 from 64.99.

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