The New Zealand dollar was rather soft against other most-traded currencies today despite positive domestic macroeconomic data. The positive market sentiment also did not provide much aid, though it helped the kiwi to perform better versus safer currencies.
Statistics New Zealand reported that the input Producer Price Index rose 0.3% in the June quarter from the previous three months, while the output PPI rose 0.5%. The increase followed the drop in the previous quarter. It surprised analysts as they were counting on a further decline of the index.
Released separately, dairy product prices climbed 8.7% in the June quarter compared with the March quarter. Meat and meat product manufacturers also reported an increase in prices, up 3.5%.
NZD/USD slipped from 0.6424 to 0.6417 as of 11:00 GMT today after rallying to 0.6642 earlier. EUR/NZD gained from 1.7239 to 1.7301. At the same time, NZD/CHF edged up from 0.6275 to 0.6284.
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