The New Zealand dollar rose today as nation’s inflation surprised economists positively, rising above market expectations.
The New Zealand Consumer Price Index rose 0.2% in the March quarter of this year. This is compared to the predicted increase by 0.1% and the drop by 0.5% registered in the December quarter of the last year. The positive data led to speculations that the Reserve Bank of New Zealand will not slash interest rates again after the surprise cut in March.
NZD/USD rallied from 0.6877 to 0.6923 as of 13:43 GMT today. EUR/NZD dropped from 1.6407 to 1.6315.
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