Rally of Stocks Followed by Gains of NZ Dollar
The New Zealand dollar appreciated today as global stocks rallied. The rally of the global stocks followed the announcement of the bond-buying plan by the European Central Bank.
The risky currencies continue to profit from the announcement of the ECB asset-purchase program. Traders now wait for the move from the Federal Reserve and hope that the US central bank will also announce some kind of stimulus. The MSCI Asia Pacific Index jumped as much as 2.1 percent. The MSCI World Index was up 0.2 percent today, following yesterday’s gain by 1.9 percent.
NZD/USD was up from 0.8005 to 0.8029 as of 11:14 GMT today and its daily maximum of 0.8048 was the highest since August 29. NZD/JPY rose from 63.15 to 63.40 and reached 63.52 intraday — the highest since August 28.
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Earlier News About the New Zealand Dollar:
- NZ Dollar Down on China's Industrial Profits (2012-08-28)
- NZ Dollar Gains as Fed Sparks Hope for QE3 (2012-08-23)
- NZ Dollar Falls on Pessimistic Outlook for PMI Reports (2012-08-22)
- NZ Dollar Rallies with Milk Prices (2012-08-17)
- NZ Dollar Suffers from Bad Employment Data (2012-08-09)