Commodity currencies were rising today thanks to the rally of crude oil prices, and the New Zealand dollar was not an exception. But the kiwi had also its own reasons for posting gains.
Unlike the Australian currency, the New Zealand dollar was able to get help from domestic economic reports. Retail sales rose 1.5% in the March quarter from the previous three months (seasonally adjusted), exceeding the medium forecast of 1.1.%. Excluding volatile components, sales were up 1.2%, also above expectations. Coupled with the positive effect of the crude oil rally, the data led to gains of the New Zealand currency.
NZD/USD climbed from 0.6856 to 0.6910 as of 10:52 GMT today. EUR/NZD declined from 1.5928 to 1.5855.
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