The New Zealand dollar gained on its US counterpart thanks to positive economic data from New Zealand. At the same time, the currency fell against the Japanese yen.
The GlobalDairyTrade Price Index rose 6.6% at today’s auction compared to the previous reporting period when it was flat. Reserve Bank of New Zealand inflation expectations rose a little from the previous quarter. The news spurred talks that the central bank may be not quick to follow its Australian counterpart in cutting interest rates.
NZD/USD rose from 0.7171 to 0.7232 as of 15:25 GMT today. NZD/JPY declined from 73.41 to 73.02 after peaking at 73.86 earlier.
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