NZ Dollar Fails to Keep Gains Caused by Solid GDP

The New Zealand dollar edged lower today despite the GDP report released overnight that showed solid growth of the nation’s economy. The currency jumped sharply immediately after the release, but was gradually moving lower since then, and is now trading slightly below the opening level against its most-traded rivals.

New Zealand gross domestic product rose 0.6% in the September quarter from the previous three months, in line with expectations. That is compared to the 1.0% growth in the June quarter. Construction activity made the biggest contribution to the economic growth, and service industries were also growing at healthy pace, while other sectors were mixed.

NZD/USD edged down from 0.7012 to 0.7001 as of 10:16 GMT today, touching the low of 0.6985 intraday. EUR/NZD ticked up from 1.6925 to 1.6968.

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