The New Zealand dollar rose today, boosted by the Producer Price Index, which came out much better than was expected by economists.
The output PPI rose 0.9% in the June quarter from the previous three months, while the input PPI rose 1.0%. That is compared to analysts’ predictions of a growth by 0.1% and 0.2% respectively.
The kiwi was heading to end the week as the strongest currency, but analysts were skeptical about longevity of the rally, arguing that it was just a result of profit-taking after big losses.
NZD/USD rose from 0.6585 to 0.6609 as of 16:03 GMT today. NZD/JPY ticked up from 72.96 to 73.01 after falling to the daily low of 72.78.
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NZ Dollar Dollar Rises After Better-Than-Expected PPI
