The New Zealand dollar gained today after a government report showed that nation’s retail sales grew more than expected. The general good sentiment on the Forex market also helped the currency.
New Zealand retail sales grew 2.2 percent in the fourth quarter of 2011, following the advance by 2.4 percent in the previous three months. Analysts predicted slower growth by 1.2 percent. Speculation that China is going to help Europe provided an additional boost for the New Zealand currency as traders were more willing to risk and search currencies with higher yield.
NZD/USD rose from 0.8335 to 0.8395 as of 11:11 GMT today, following the advance to 0.8420 — the highest level since September 5. NZD/JPY climbed from 65.35 to 65.90, while the daily maximum was 66.08 — the highest rate since August 5.
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