New Zealand’s dollar rose against all of its major peers after data showed the nation’s economy grew at the fastest pace in three years last quarter.
The the nation’s bonds fell for the first time in seven days on figures showing gross domestic product rose 1.5 percent from the previous three-month period, exceeding the 0.9 percent median estimate in a Bloomberg News poll. Demand for the so- called kiwi and Aussie dollars was supported after Chinese manufacturing accelerated. Australian Prime Minister Julia Gillard retained leadership of the governing Labor party after an uncontested ballot today.
“It looks like buoyant economic activity in New Zealand will be sustained,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “That’s swayed some doubts about the New Zealand economy and seen the New Zealand dollar enjoy a pretty strong bounce.”
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