The New Zealand Kiwi on Thursday pushed higher in value against its rival monetary units after economic data revealed the nation enjoyed gross domestic product develop during the final quarter of last year more rapidly than any time in the past three years, Bloomberg reports.
From the third to the fourth quarter of 2012, gross domestic product climbed 1.5 percent. The Kiwi as well as the Aussie were in demand after China, a top trade partner showed strong figures for manufacturing.
"The economy is at a reasonable starting point, but the drought is going to take its toll, it's going to be pretty huge," FX economist Chris Tennent-Brown with Commonwealth Bank of Australia in Sydney told One News on Thursday. "The kiwi will probably stay firm for the time being, but the focus will quickly turn to the drought if headlines keep getting worse."
The central bank of New Zealand forecast gross domestic product to develop at 0.8 percent; thus the actual growth rate came as a pleasant surprise.
The data pushed the Kiwi to rise to its highest value in roughly three weeks, according to One News.
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