New Zealand Dollar Gains on Retail Sales & Stocks

The New Zealand dollar gained today against its US counterpart after the report showed that the retail sales grew with the fastest pace since 2007; the stocks rallied, adding to the attractiveness of the higher-yielding currencies.

The retail sales in New Zealand grew by 0.9 percent in June, compared to the previous reading of 0.4 percent and the predicted value of 0.5 percent. The Standard & Poor’s 500 Index and the MSCI Asia Pacific Index of regional shares and futures both increased by 0.8 percent.

NZD/USD traded at about 0.7091 as of 10:51 GMT today, rising from the opening rate of 0.7081 and following the jump to 0.7181.

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