The New Zealand dollar advanced today with the help of a positive report about nation’s economic growth. The kiwi managed to reverse earlier losses and rally versus its US counterpart but is far from erasing yesterday’s huge drop.
New Zealand gross domestic product expanded 0.7 percent in the second quarter of this year. While the growth was slower than the first quarter’s 1.0 percent, the actual value was a bit above the analysts’ projections of a 0.6 percent expansion.
Most currencies fell against the US dollar yesterday after the release of the Federal Reserve policy statement. The New Zealand currency was among such losers, touching the lowest level since February. Today, the kiwi struggled at the start of the session but managed to rally on the back of the positive economic data.
NZD/USD advanced from 0.8096 to 0.8109 as of 7:03 GMT today after touching the low of 0.8078 earlier — the weakest rate since February 4. EUR/NZD slipped from 1.5887 to 1.5845 before trading at 1.5884. NZD/JPY rose from 87.73 to 88.13.
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