The New Zealand dollar jumped today on forecast that housing approvals will show growth with accelerating pace in tomorrow’s report. The currency performed rather good last week and started this week on a strong footing.
Analysts estimated ahead of the government report that building consents grew 2 percent in March after rising 1.9 percent in the prior month. Such data supports the view of the central bank that interest rates will be stable for the rest of the year. The Reserve Bank of New Zealand left its borrowing costs unchanged last week, bolstering the New Zealand currency, and said that it is likely that there will be no more rate cuts this year.
NZD/USD surged from 0.8479 to 0.8535 and NZD/JPY went up from 83.04 to 83.53 as of 10:37 GMT today.
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