The New Zealand dollar was recovering today after the previous sharp sell-off with the help of the market sentiment, which was somewhat improving as was demonstrated by gains of Asian stocks. The rebound was limited, though, and was nowhere near significant enough to erase the Wednesday’s huge losses.
Domestic macroeconomic data was not helpful to the currency. The Statistics New Zealand reported that the seasonally adjusted number of building consents increased by 1.9% in February. That is a significant slowdown from the January increase of 13.6%, which itself got a negative revision from the initial reading of 16.5%.
NZD/USD rose from 0.6774 to 0.6792 as of 9:11 GMT today, touching the high of 0.6803 intraday. EUR/NZD declined from 1.6562 to 1.6521.
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