The New Zealand dollar attempted to rally on the news about Chinese stimulating measures yet was unable to keep gains and dropped currently. Economic data from New Zealand was not helping the matter at all, showing that deflation accelerated in the South Pacific economy.
The New Zealand currency tried to following its Australian peer in rally, but they both fell after the initial boost from China. The most likely reason for the drop is worries about Greece and potential default of the indebted European nation. Data from New Zealand added even more pressure for the kiwi as it showed a decline of the Consumer Price Index by 0.3 percent in the first quarter of 2015 while analysts counted on the same 0.2 percent rate of deflation as in the previous three months.
NZD/USD fell from 0.7697 to 0.7660 and NZD/JPY dipped from 91.56 to 91.36 as of 15:47 GMT today.
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