NZD Rallies on PPI, Loses Gains vs. USD

The week has started with positive news for the New Zealand dollar as a report showed that the Producer Price Index rose last quarter. The currency jumped on the data initially, but weakened later and erased gains against its US peer completely as of now.
The PPI output rose 1 percent in the second quarter of 2013, beating the forecast of 0.7 percent. The PPI input grew 0.6 percent, in line with expectations. Not all news was good though as there was another case of tainted milk being exported to China, just two weeks after the news about the contaminated product has hurt the New Zealand currency.
NZD/USD jumped from 0.8110 to 0.8162, but later retreated and traded at 0.8117 as of 11:12 GMT today. NZD/JPY advanced from 79.18 to 79.53.

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