NZD/USD Sinks as New Zealand GDP Trails Forecast

The New Zealand dollar reached a lowest level in a year against its US peer today as nation’s economic growth slowed last quarter more than was expected. The currency managed to rise against the Japanese yen though.
New Zealand’s gross domestic product expanded 0.3 percent in the first quarter of 2013, with much slower rate of growth than the previous quarter’s 1.5 percent. Analysts have hoped for an increase by at least 0.6 percent. The kiwi fell against the greenback on the negative domestic data as well as on yesterday’s announcement of the Federal Reserve.
NZD/USD sank from 0.7889 to 0.7788 as of 12:04 GMT today and its daily low of 0.7740 was weakest since June 2012. Meanwhile, NZD/JPY rose from 76.07 to 76.25.

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