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Forex: Kiwi emboldened by rosier NZ GDP print

FXstreet.com (Barcelona) - The New Zealand Dollar is flying higher across the board after upbeat GDP numbers in the country. The NZ GDO in the forth quarter (YoY) came in above expectations at 3.0% vs 2.3% expected and prior read of 2.0% in Q3. Meanwhile, the QoQ figure in the Oct-Dec period stood at 1.5% vs expectations of +0.9% and a previous read of +0.2%. NZD/USD has penetrated an area of heavy supply at 0.8268/78 before retracing towards 0.8255/60, where bids are coming back.

According to the NZ statistics bureau, "agriculture, forestry, and fishing (up 2.6 percent), retail trade and accommodation (up 2.3 percent), and wholesale trade (up 2.1 percent) had the largest increases."

With regards to expenditure on gross domestic product, the NZ statistics bureau notes: "The expenditure measure of GDP was up 1.4 percent in the December 2012 quarter. The volume of expenditure by New Zealand households was up 1.6 percent. Exports of goods and services increased (up 0.9 percent) while imports fell (down 2.0 percent). In current prices, expenditure on GDP was $209 billion for the year ended December 2012."

New Zealand 4Q Gross Domestic Product (YoY) increase to 3% vs 2%

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Forex: Bulls defend positions and leave the EUR/USD above the 1.2930

The EUR/USD traded higher on Wednesday and recovered some ground from Tuesday's lows at 1.2840 to test the 1.2975 level, MA 200 hours, but the movement wasn't strong enough and the pair retraced to close just above the 1.2930 price.
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