New Zealand Dollar On a Rise After Upbeat Inflation Data
Feb, 07th 03:35
New Zealand dollar surged strongly against its American peer on Tuesday after data from the RBNZ showed that long-term inflation expectations for New Zealand businesses rose in the fourth quarter.
The pair NZDUSD rose nearly 0.5% to trade at 0.73540 in the first-half of Asian trading hours.
According to the Reserve Bank of New Zealand, the nation’s consumer prices soared 1.9% in the three-month period to December, sending the annual pace to 1.3% in the fourth quarter. That was the biggest gain since the third quarter of 2014, when inflation was 1.6% on a yearly basis.
As stated by the report released on Tuesday, inflation was spurred by higher transport costs, rising energy prices and the continued expansion of housing-related expenses.
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