NZ Dollar Turns Downward Reversing Rally

The New Zealand dollar was rising today for the most part of the current trading session, but the currency turned downward after about 17:15 GMT. The kiwi was rising earlier as retail sales exceeded expectations.
Statistic New Zealand released retail sales figures over the weekend. Sales were up 1.5 percent in the September quarter of this year from the previous three months compared to the predicted reading of 0.8 percent. Core retails sales grew 1.4 percent, also above expectations. Finance Minister Bill English said yesterday that the NZD/USD exchange rate should be at “mid-to-high 70s” to help economic growth of New Zealand.
NZD/USD was down from 0.7948 to 0.7915 as of 19:47 GMT today. NZD/JPY declined from 92.57 to 92.19 after touching 92.78 — the highest level since July 2007.

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