The New Zealand dollar fell today, but its losses were limited. In fact, the currency almost erased the decline versus the euro.
New Zealand overseas trade rose 5.1% in the March quarter from the previous three months. While the growth was slower than 5.8% in the December quarter, it was still above the analysts’ median projection of 4.0%. The report was not that bad, which means the drop of the New Zealand currency was likely caused by China’s economic data, not by domestic fundamentals.
NZD/USD fell from 0.7079 to 0.7073 as of 10:49 GMT today but bounced from the daily low of 0.7061. EUR/NZD opened at 1.5860, rallied to 1.5927 intraday, but pulled back to trade at about 1.5867 later.
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