The New Zealand dollar jumped yesterday thanks to the faster-than-expected economic growth and continued to rise today as macroeconomic data released over the current trading session was also solid.
Reported today by the Reserve Bank of New Zealand, credit card spending rose 7.7% in August from a year ago. The increase followed the growth by 3.3% in July.
Released yesterday overnight, gross domestic product showed an increase by 1.0% in the June quarter from the previous three months. That was a faster rate of growth than 0.8% predicted by analysts and 0.5% registered in the previous quarter. Moreover, that was the fastest rate of growth in two years. Almost all industries contributed to the increase, with the biggest contributor being the services sector.
NZD/USD edged up from 0.6675 to 0.6692 as of 10:15 GMT today. EUR/NZD was little changed at 1.7596. NZD/JPY rose from 75.19 to 75.44, and its daily high of 75.54 was the highest since August 2.
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NZ Dollar Continues to Rise After Surging on Solid GDP
