NZD Surges as Commodity Price Index Near Record

The New Zealand dollar jumped today after the commodity price index surged last month, increasing the attractiveness of nation’s assets. The currency touched the highest level since February 20 against its US counterpart.
The ANZ Commodity Price Index climbed as much as 7.4 percent in March after rising 1.1 percent in the previous month. This was the third strongest monthly increase on the record. The index is only 6 percent below its historic high achieved in April 2011. The New Zealand economy relies heavily on commodity exports, therefore the surge of commodity prices is very beneficial to the country and its currency.
NZD/USD climbed from 0.8367 to 0.8415 as of 22:35 GMT today, while its daily high was at 0.8442. NZD/JPY advanced from 78.02 to 78.58.

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