NZ Dollar Rallies vs. US Dollar in Thursday’s Trading

The New Zealand rose against its US peer today. While domestic macroeconomic data was good, it had little impact on the New Zealand currency, and the likely reason for its rally versus the greenback was the weakness of the US currency itself.

The overseas merchandise trade index rose 0.8% in the December quarter from the previous three months, reaching the record high. The actual growth was faster than 0.5% predicted by analysts but slower than the third quarter’s revised increase by 1.3%.

The New Zealand dollar was rising for the most part of the current trading session, yet lost most of its gains versus other most-trader rivals with the exception of the US dollar.

NZD/USD climbed from 0.7206 to 0.7246 as of 19:47 GMT today, bouncing from the daily low of 0.7185, which was the lowest since February 8. NZD/JPY traded at 77.03 after opening at 76.87 and jumping to the session high of 77.68.

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