Economic data from New Zealand was rather poor today, leading to a drop of the nation’s currency. The New Zealand dollar touched the lowest level since September 2010 against its US peer.
Building consents fell 1.7 percent in April (seasonally adjusted) following the 10 percent increase in March. The ANZ Business Confidence fell from 30.2 in April to 15.7 in May. The report pointed out that, while the confidence declined, it declined from high levels and “the growth side of the economy still looks okay.” At the same time, “inflation expectations fell to a historical low.”
NZD/USD fell from 0.7173 to 0.7128 as of 10:10 GMT today, touching the low of 0.7106. NZD/JPY declined from 88.91 to 88.16.
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