NZ Dollar Gains on Market Sentiment, Pays No Heed to Inflation

The New Zealand dollar rose today on the positive market sentiment. Yesterday’s disappointing inflation data did not prevent today’s rally.
Released yesterday, the Consumer Price Index showed no change in the June quarter from the previous three months. That is compared to the median forecast of a 0.2% growth and the 1.0% increase in the March quarter. Yet the market sentiment was favorable to riskier currencies, allowing the New Zealand dollar to largely ignore the negative data.
NZD/USD gained from 0.7347 to 0.7365 as of 11:30 GMT today, reaching the high of 0.7386 intraday. EUR/NZD dropped from 1.5716 to 1.5642.

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