The New Zealand dollar rose against its major peers today, including the euro, against witch the kiwi rallied for the fifth straight trading session. The reason for the rally was the better-than-expected inflation report.
The Consumer Price Index rose 0.2% in the September quarter from the previous three months. While it was slower growth than in the June quarter (0.4%), the actual data was still better than analysts’ forecasts that promised no growth at all. This means lower chances for an interest rate cut from the Reserve Bank of New Zealand.
NZD/USD rallied from 0.7132 to 0.7201 as of 12:57 GMT today. EUR/NZD dropped from 1.5409 to 1.5274, trading near the lowest level since September 22.
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