NZ Dollar Finds Strength in Spite of Economic Data

The New Zealand edged higher against its US peer and erased earlier losses versus the Japanese yen today even though economic data from New Zealand was not particularly good for the currency.
The ANZ Commodity Price Index declined 0.8 percent in October, demonstrating the eighth consecutive monthly drop. The report commented on the NZ dollar’s performance last month:

The value of the New Zealand dollar fell 2.1% on a TWI basis and experienced greater proportionate declines against the USD, and yen.

New Zealand employment data will be released later today after the close of the current trading session.
NZD/USD advanced from 0.7718 to 0.7745 as of 9:07 GMT today. NZD/JPY bounced to trade near the opening level of 88.01 following the drop to 87.65.

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