NZ Dollar Rises As New Zealand Q3 GDP Expands
18 December 2014 - 3:45PM
RTTF2
The NZ dollar strengthened against the other major currencies in
the early Asian session on Thursday after data showed that domestic
gross domestic product expanded sequentially in the third quarter
of 2014.
Data from Statistics New Zealand showed that New Zealand's gross
domestic product expanded a better than expected 1 percent
quarter-over-quarter. "This is some of the strongest growth in
primary industries for 15 years," national accounts manager Gary
Dunnet said. "Milk production had a good start to the season, while
oil exploration, and oil and gas extraction also grew."
Meanwhile, the Asian stocks traded higher after the Federal
Reserve said it would remain patient on interest rate hikes. The
benchmark NZSE 50 index is currently up 26.58 points or 0.48
percent at 5,523.
On Wednesday, the NZ dollar rose 0.26 percent against the yen,
0.08 percent against the euro and 0.12 percent against the
Australian dollar.
In the Asian trading today, the NZ dollar rose to a 9-year high
of 1.0471 against the Australian dollar, from yesterday's closing
quote of 1.0521. If the kiwi extends its uptrend, it is likely to
find resistance around the 1.041 area.
Against the euro and the yen, the kiwi advanced to a 6-day high
of 1.5914 and a 3-day high of 91.89 from yesterday's closing quotes
of 1.6017 and 91.34, respectively. The kiwi is likely to find
resistance around 1.58 against the euro and 93.16 against the
yen.
Looking ahead, German IFO business climate index for December is
due to be released in the European session.
In the New York session, U.S. weekly jobless claims for the week
ended December 13, Flash U.S. Markit's services PMI for December,
leading indicators for November and Federal Reserve Bank of
Philadelphia's manufacturing index for December are due to be
released.
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