Bloomberg News

N.Z. Dollar Pares Earlier Gains After GDP Data Misses Estimates

September 21, 2011

Sept. 22 (Bloomberg) -- New Zealand’s dollar pared earlier gains against its U.S. counterpart after a government report said the economy expanded in the second quarter less than economists estimated.

The currency traded at 80.24 U.S. cents at 10.47 a.m. in Wellington from 80.14 U.S. cents yesterday in New York and 80.54 cents before the data was released. It fetched 61.46 yen from 61.27 yen yesterday.

Statistics New Zealand said the economy expanded 0.1 percent from the previous quarter, compared with the 0.5 percent median growth estimate in a Bloomberg News survey of economists conducted before the report.

To contact the reporter on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net

To contact the editor responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net


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