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NZ Dollar Fails to Keep Gains Caused by Solid GDP

December 21, 2017 at 10:19 by Vladimir Vyun

10 NZD banknote on 20-dollar noteThe New Zealand dollar edged lower today despite the GDP report released overnight that showed solid growth of the nation’s economy. The currency jumped sharply immediately after the release, but was gradually moving lower since then, and is now trading slightly below the opening level against its most-traded rivals.

New Zealand gross domestic product rose 0.6% in the September quarter from the previous three months, in line with expectations. That is compared to the 1.0% growth in the June quarter. Construction activity made the biggest contribution to the economic growth, and service industries were also growing at healthy pace, while other sectors were mixed.

NZD/USD edged down from 0.7012 to 0.7001 as of 10:16 GMT today, touching the low of 0.6985 intraday. EUR/NZD ticked up from 1.6925 to 1.6968.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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