Slowing New Zealand’s Growth Does Not Make Kiwi Soft

The New Zealand dollar attempted to rally today even after the data showed slowing economic growth in the South Pacific country. The kiwi was a little higher versus the greenback and erased its losses against the yen.
New Zealand’s gross domestic product grew 0.2 percent in the third quarter of 2012 from the previous quarter, slower than analysts have predicted — 0.4 percent. Moreover, the previous reading was revised from 0.6 percent down to 0.3 percent. The ANZ business confidence index deteriorated from 26.4 in November to 22.7 in December.
NZD/USD was near the opening level of 0.8338 as of 14:29 GMT today following the rally to 0.8364. NZD/JPY traded at 70.26, below the opening of 70.36, but far above the daily low of 69.89.

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