NZ Dollar Erases Year’s Gains vs. US Dollar, Falls vs. Euro

The New Zealand headed to the lowest level this year against the euro as Germany’s economic growth boosted the shared 17-nation currency. The kiwi erased this year’s gains against the US dollar.
The New Zealand currency was weaker against the euro after a report showed that Germany avoided recession. The good news should have helped the kiwi (as the currency is usually nicknamed) against the greenback, but that did not happen. In fact, NZD lost all of its gains against USD for 2012. The currency was rallying in the first two months of this year, retreated a little, but held most of its gains through March and April. In May, the NZ dollar has started a sharp decline that brought it to the lowest level in 2012.
NZD/USD fell from 0.7767 to 0.7721 as of 13:21 GMT today, while its intraday low of 0.771 was the lowest since December 30. EUR/NZD was up from 1.6490 to 1.6554 and reached the daily high of 1.6571, the highest since January 3.

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