NZ Dollar Posts Limited Losses, Attempts to Bounce vs. Euro

The New Zealand dollar fell today, but its losses were limited. In fact, the currency almost erased the decline versus the euro.

New Zealand overseas trade rose 5.1% in the March quarter from the previous three months. While the growth was slower than 5.8% in the December quarter, it was still above the analysts’ median projection of 4.0%. The report was not that bad, which means the drop of the New Zealand currency was likely caused by China’s economic data, not by domestic fundamentals.

NZD/USD fell from 0.7079 to 0.7073 as of 10:49 GMT today but bounced from the daily low of 0.7061. EUR/NZD opened at 1.5860, rallied to 1.5927 intraday, but pulled back to trade at about 1.5867 later.

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