The New Zealand dollar was surprisingly strong during the current trading session even though macroeconomic news from the South Pacific nation was not good at all today.
The House Price Index of Real Estate Institute of New Zealand dropped 1 percent in January, at the same rate as in February. The Business NZ Manufacturing Index slid from 57.1 in December to 50.9 last month. Despite all the negative indicators, the New Zealand dollar managed to rise against some of its major counterparts, including the US dollar. Against the yen, the kiwi traded below the opening level but almost erased losses by now.
NZD/USD advanced from 0.7358 to 0.7438 as of 17:53 GMT today. NZD/JPY sank from 88.68 to 87.23 intraday before trading at 88.32.
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