The New Zealand posted today the biggest decline in more than four weeks after the report showed that the nation’s inflation slowed, signaling that the economic recovery loses momentum.
The New Zealand consumer prices index rose 0.8 percent in the first quarter of 2011, compared to the 2.3 percent growth in the fourth quarter of 2010. Analysts thought that the CPI would increase by 1 percent. Finance Minister Bill English said that the policy makers aren’t “greatly concerned” about the inflation and stated:
There will be some pressures there as the economy picks up, but weâre in pretty good shape on inflation.
NZD/USD dropped from 0.7995 to 0.7916 and NZD/JPY fell from 66.52 to 65.57 today as of 10:09 GMT.
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