The New Zealand dollar bounced to an all-time record high versus a basket of currencies Thursday following the dovish statements of the US Federal Reserve.
Kiwi inched up 81.30 on a trade-weighted basis, and hit a six-week high versus the greenback. It glided close to highest since early May versus the Australian dollar and the Japanese yen, and also reported a 13-month high against the euro.
It then dived to $0.8709, previously $0.8736, after a weaker than anticipated headline reading of New Zealand’s GDP.
The country’s economy grew 1.0% in the 1st quarter. Annual growth of 3.8% outmatched expectations to reach a six-year peak as growth in the last quarter was revised higher.
“Markets were initially disappointed by the quarterly figure. The market may have been expecting a number closer to 1.3 percent or 1.4 percent as opposed to formal forecasts,” said Raiko Shareef, Currency Strategist at BNZ.
Bids were lined up below $0.8700, while the kiwi was also backed after it broke above past trendline resistance at about $0.8690.
The material has been provided by InstaForex Company – www.instaforex.com
The New Zealand dollar bounced to an all-time record high versus a basket of currencies Thursday following the dovish statements of the US Federal Reserve.
Kiwi inched up 81.30 on a trade-weighted basis, and hit a six-week high versus the greenback. It glided close to highest since early May versus the Australian dollar and the Japanese yen, and also reported a 13-month high against the euro.
It then dived to $0.8709, previously $0.8736, after a weaker than anticipated headline reading of New Zealand’s GDP.
The country’s economy grew 1.0% in the 1st quarter. Annual growth of 3.8% outmatched expectations to reach a six-year peak as growth in the last quarter was revised higher.
“Markets were initially disappointed by the quarterly figure. The market may have been expecting a number closer to 1.3 percent or 1.4 percent as opposed to formal forecasts,” said Raiko Shareef, Currency Strategist at BNZ.
Bids were lined up below $0.8700, while the kiwi was also backed after it broke above past trendline resistance at about $0.8690.
The material has been provided by InstaForex Company – www.instaforex.com
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