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New Zealand GDP disappoints

Posted by Akhilesh Ganti on Jun 19, 2013 6:58:00 PM

New Zealand's first quarter GDP came out at +0.3%, which was lower than market estimates of +0.5% and appreciably below last quarter's robust +1.5% result. NZD/USD, which had been trading around 0.7894, immediately dropped to 0.7846 on this release as the data appears to reinforce the RBNZ's concern about a strong currency being a drag on the local economy.

NZD GDP1Q13

 

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