New Zealand Dollar Driven Down by GDP



50 and 100 New Zealand dollar billsThe New Zealand dollar fell today, driven down by disappointing economic growth of the New Zealand economy.

The kiwi started its decline after the US Federal Reserve announced an interest rate hike. The currency continued to fall after the release of New Zealand gross domestic product, which showed a growth by 0.5% in the March quarter. While it was a bigger increase that 0.4% in the previous three months, the gain was smaller than 0.7% expected by analysts.

NZD/USD declined from 0.7264 to 0.7199 as of 12:31 GMT today. EUR/NZD rallied from 1.5423 to 1.5497, touching the high of 1.5561 intraday.

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