Positive Economic Data Fails to Support New Zealand Dollar

The New Zealand dollar fell against other major currencies and, similarly to its Australian counterpart, ignored domestic macroeconomic data, which was extremely good.

Credit card spending rose 7.0% in February year-on-year and 0.7% month-over-month. The number of visitors arrived in New Zealand increased by 7% last month compared to the same period a year ago and by 2% from the previous month, showing a healthy state of the tourism sector, which is very important to the country. The Global Dairy Trade Price Index, released yesterday, was the only negative indicator, demonstrating a 1.2% drop of prices for dairy products — a major export commodity of New Zealand.

NZD/USD slid from 0.7173 to 0.7160 as of 13:16 GMT today, trading near the lowest level since January 10. EUR/NZD rallied from 1.7064 to 1.7159 — the highest since December 11.

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