The New Zealand dollar gained today even as macroeconomic reports suggested that economic growth in China is slowing, worsening prospects for New Zealand exports.
The Conference Board’s leading indicators for China stalled in March after rising 1.2 percent in February. The kiwi did not bulk to the negative impact of the poor data from New Zealand’s biggest trading partner. Domestic fundamentals were more supportive for the currency as inflation accelerated to 0.4 percent in the first quarter of 2013 after falling 0.2 percent in the previous three months.
NZD/USD rose from 0.8408 to 0.8466 after touching the high of 0.8489 and NZD/JPY advanced from 82.52 to 84.05 as of 11:20 GMT today.
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