The New Zealand dollar climbed earlier today after the release of positive macroeconomic reports, but the rally was short-lived, and now the currency is trading far below the opening level.
New Zealand employment rose 2.4%, four times the forecast rate of growth. The unemployment rate fell unexpectedly from 5.2% (revised from 5.7%) to 5.1%. The Producer Price Index increased 0.9%, also beating expectations. Yet all the positive reports were unable to help the New Zealand dollar in keeping its initial gains.
NZD/USD dropped from 0.7278 to 0.7223 as of 15:14 GMT today after rising to 0.7320 earlier. NZD/JPY declined from the open of 72.98 to 72.44, retreating from the session high of 73.41.
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