NZD/USD flows: GDP Beats

The New Zealand Q1 GDP has exited recession and return to a growth of 0.2% q/q, beating estimates of 0.1%, 0.3% y/y also beating estimate of 0.2%. The Kiwi jumped on the data but quickly reversed as none are expecting another hike from the RBNZ. Moreover, even as NZ exited recession, the growth is slow and does not show any anticipating strength in the report.

NZD/USD is trading 0.03% higher at 0.6133 after touching a session high of 0.6148.