Thursday saw the New Zealand dollar shoot to a thirty year high. Figures have shown that the NZ economy beat expectations of a 0.3% rise and actually grew by a fantastic 0.8%.

Reserve Bank of New Zealand (RBNZ) governor, Alan Bollard said a month ago that the timing of the planned increase in interest rated would be guided by the speed of the economy’s recovery.

Following the Christchurch earthquake in March, the central bank cut its rates by 50 points, to just 2.5% to help stimulate the economy.

“The data will lead market participants to conclude that the NZ economy is tracking much better than previously expected. The New Zealand dollar should continue to remain well supported,” said Richard Grace from the Commonwealth Bank of Australia.

Economy analysts have also said that the NZ dollar is in great demand due to the financial crisis in the US. The US dollar and the euro are currently in competition to be investors’ least favourite currency following the continuous worries over the eurozone debt.

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