The New Zealand dollar fell today even after a report showed that the nation’s economy rose last quarter faster than was expected.
Statistics New Zealand reported that gross domestic product rose 0.5% in the June quarter. While it was a mild slowdown from the previous quarter’s 0.6% rate of growth, the actual pace of increase was above 0.4% predicted by economists.
Despite the good data, many market participants continue to anticipate an interest rate cut from the Reserve Bank of New Zealand at one of its nearest meetings.
NZD/USD was about flat at 0.6313 as of 9:41 GMT today. EUR/NZD climbed from 1.7447 to 1.7528, rebounding from the daily low of 1.7416.
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