Wire service error causes dip in NZ dollar

• Published date: 18 April 2024
• Author: Jamie Gray
• Publication title: Northern Advocate, The (Whangarei, New Zealand)

Initial coverage of the number put the increase in the consumers price index at 3.7 per cent for the 12 months to March, and not the correct number of 4.0 per cent issued by Stats NZ

“That wrong-footed some people and the Kiwi cross rates spiked in the wrong direction for a while until they got the right number up,” Westpac senior markets strategist Imre Speizer said.

The erroneous number was enough to push the currency down by about eight basis points against the US dollar to US58.78c.

The currency, which had been under downward pressure from a strong greenback, then rallied to US58.98c.

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