New Zealand gross domestic product rose more than analysts had expected, but that provided little help to the nation’s currency. The New Zealand dollar barely moved against is major rivals after the report and is trading not far from the opening level currently.
GDP grew 0.7% in the March quarter compared to the analysts’ average forecast of 0.5%. Global Dairy Trade price index showed no change during this week’s auction after rising 3.4% in the previous reporting period. Overall, fundamentals did not look bad for the New Zealand currency, especially considering the improving market sentiment, yet this did not help the kiwi much.
NZD/USD traded at about 0.7048 as of 9:40 GMT today after opening at 0.7043. NZD/JPY opened at 73.42, rose to 74.03 intraday but slipped back to 73.52 as of now.
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