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NZ dollar falls vs greenback on stronger US GDP data

NZ dollar falls vs greenback on stronger US GDP data, quarter-end flows

By Jonathan Underhill

March 29 (BusinessDesk) - The New Zealand dollar fell against the greenback after US fourth-quarter economic growth was revised up and declined against the Aussie heading into the end of the first quarter.

The kiwi dollar fell to 72.07 US cents as at 8am in Wellington from 72.69 cents late yesterday. It dropped to 94.10 Australian cents from 94.40 cents.

US gross domestic product for the fourth quarter was revised to an annualised growth rate of 2.9 percent from 2.5 percent, showing the world's biggest economy didn't slow as much as expected in the final three months of 2017, while growth in consumer spending was revised up to 4 percent from 3.8 percent. That helped the US dollar index rise from a five-week low, along with receding fears of a trade war and quarter-end flows as companies and investors adjusted their currency positions.

The New Zealand dollar "will remain soft going into the long weekend as traders square their positions," traders at HiFX said in a note.

Locally, traders will be watching for February building permits this morning and the sale of $150 million of 2033 government bonds this afternoon that are being offered with a coupon of 3.5 percent.

The trade-weighted index fell to 74.18 from 74.50.

The New Zealand dollar traded at 58.56 euro cents from 58.54 cents late yesterday and fell to 4.5365 yuan from 4.5674 yuan. It rose to 76.97 yen from 76.70 yen and was little changed at 51.23 British pence from 51.20 pence.

(BusinessDesk)

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