The New Zealand dollar was higher today, after opening sharply lower on Monday, as traders were waiting for economic data from China due to release overnight. Additionally, there are a couple of reports scheduled for release from New Zealand by the end of Tuesday’s session.
The New Zealand dollar followed its Australian counterpart in rally on Monday, bolstered by the positive news from China. While drop of crude oil could have been detrimental to commodity currencies, the NZ dollar did not pay heed to that negative factor as crude is not an export commodity of New Zealand. Now, traders wait for Tuesday’s macroeconomic indicators, particularly the gross domestic product report.
As for New Zealand data, market participants wait for the GlobalDairyTrade Price index as dairy products are the major export of the South Pacific nation. Additionally, the inflation report will also be released on Tuesday, and economists predict that it would show drop of consumer prices.
NZD/USD rallied from 0.6411 to 0.6455 as of 23:06 GMT today. NZD/JPY gained from 74.85 to 75.79. EUR/NZD dropped from 1.7008 to 1.6857.
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