NZD Dips as New Zealand Economic Growth Misses Expectations

The New Zealand dollar dipped today after nation’s economic growth missed analysts’ estimate. The currency halted its decline by now and actually managed to erase all losses versus the US dollar.
New Zealand gross domestic product expanded 1.0 percent in the first quarter of 2014, at the same rate as in the previous three months. Experts have predicted an increase by 1.2 percent. The kiwi is still supported by the prospects for additional interest rate hikes from the Reserve Bank of New Zealand. The New Zealand dollar was particularly resilient versus its US counterpart, which was weakened by the comments from the Federal Reserve.
NZD/USD went down from 0.8731 to 0.8705 before bouncing to the opening level as of 9:41 GMT today. NZD/JPY dropped from 88.99 to 88.84.

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