The New Zealand dollar was rising today on the back of the US dollar’s weakness, reaching the highest level since June against the greenback. Yesterday’s data from the United States was bad, boosting commodities and, by the same token, currencies related to raw materials.
US Producer Price Index fell 0.5 percent in September, more than analysts had anticipated. Retail sales grew just 0.1 percent, falling short of market expectations of a 0.2 percent increase. The data led to the rally of commodities, and this translated into the strength of the kiwi because the New Zealand economy relies heavily on export of raw materials.
NZD/USD gained 1.1 percent from 0.6783 to 0.6863 as of 11:37 GMT today, trading near the highest level since June 29. EUR/NZD dropped 1.4 percent from 1.6885 to 1.6649, close to the lowest level since August 10.
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