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Kiwi Catches Bid After GDP Beat

NZD

Upbeat Q2 GDP report has kicked NZD higher across the board, despite the backward-looking nature of the data. The economy expanded 2.8% Q/Q, beating expectations of a 1.1% rate of growth. On the annual basis, GDP grew 17.4% Y/Y, overshooting estimate of 16.1%.

  • NZD/USD trades +26 pips at $0.7132 after topping out at $0.7138, familiar technical levels remain in play.
  • Stats NZ flagged that "service industries were the largest contributor to GDP growth in the June 2021 quarter," adding that "the main contributor was the retail, accommodation, and restaurants industry". They underscored the positive impact of fewer Covid-19 restrictions and the opening of trans-Tasman travel bubble.
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