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Good Domestic Fundamentals Do Not Help NZ Dollar

June 14, 2013 at 11:44 by Vladimir Vyun

Kiwi denominationsThe New Zealand dollar retreated today even though domestic macroeconomic data was rather good and suggested that the economy is faring well.

The BusinessNZ manufacturing Purchasing Managers’ Index rose from 55.2 in April to 59.2 in May. The Food Price Index grew 0.3 percent last month. The New Zealand dollar was rising for three sessions in the previous four days. Currently, the kiwi is trying to erase the drop versus its US counterpart.

NZD/USD fell from 0.8094 to 0.8036 before trading at 0.8088 as of 11:43 GMT today. NZD/JPY dropped from 77.18 to 76.74.

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