New Zealand Dollar Starts Week Sharply Higher

This week’s trading has started with a risk-positive sentiment on the Forex market. That, coupled with favorable domestic data, made the New Zealand dollar open sharply higher, though the currency has retreated by now.

Statistics New Zealand reported that the input Producer Price Index rose 1.0% while the output PPI gained 1.5% in the December quarter. Both indicators were above the median forecast. Meanwhile, some commodities rallied, lending strength to currencies linked to raw materials.

NZD/USD traded at about 0.7184 as of 11:34 GMT today after closing at 0.7157 on Friday and opening at 0.7194 on Monday. EUR/NZD opened at 1.4735 and rose to 1.4781 after closing at 1.4756 during the last week.

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