The New Zealand dollar started the week strong, rallying to the highest level in three weeks against its US counterpart and the Japanese yen. The currency got help from solid retail sales from New Zealand.
New Zealand’s retail sales were up 1.7 percent in the fourth quarter of the last year from the previous three months, beating analysts’ projections. The core component of sales grew 1.5 percent, also beating expectations. The positive data reduced chances for an interest rate cut that became possible after the Reserve Bank of New Zealand changed its hawkish stance.
NZD/USD gained from 0.7478 to 0.7507 as of 16:36 GMT today, reaching the high of 0.7528 intraday — the highest level since January 22. NZD/JPY advanced from 88.58 to 88.92, and its daily high was at 89.25 — also the highest since January 22.
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