The New Zealand dollar dipped against its major counterparts today as the nation’s economic growth disappointed market participants, being far slower than they had counted on.
New Zealand gross domestic product expanded 0.2 percent in the first quarter of 2015 versus the expectations of a 0.6 percent increase. Moreover, the previous quarter’s growth was revised slightly down from 0.8 percent to 0.7 percent. The kiwi sank after the report but is attempting to recover currently, erasing some of its losses.
NZD/USD declined from 0.6984 to 0.6952 as of 12:12 GMT today, touching the low of 0.6879 intraday. NZD/JPY dipped from 86.20 to 84.68 (the lowest since February 3) before bouncing to 85.30.
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