The New Zealand dollar rallied today with the help of positive macroeconomic data and the weakness of the US currency. The kiwi rallied even as prices for raw materials fell, driving commodity-related currencies down.
The New Zealand currency fared far better than its Australian counterpart, managing to erase its losses and gain on the US dollar and the Japanese yen. While commodities were in decline today, pushing growth-related currencies lower, the ANZ Commodity Price Index for March showed growth by 4.6 percent. It was the highest reading in 23 months, allowing the New Zealand dollar to ignore the short-term negative factors.
NZD/USD rose from 0.7452 to 0.7493 as of 13:42 GMT today after falling to the low of 0.7424 earlier. NZD/JPY gained from 89.21 to 89.65 following the drop to 88.82.
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