The New Zealand dollar weakened today after the Treasury Department said that the nation’s economy may grow slower in the second half of this year than was previously estimated on the stalling global recovery and the Canterbury earthquake.
Alan Bollard, the governor of the Reserve Bank of New Zealand, lowered the growth forecast last month and left the cash rate unchanged after two successive increases. New Zealand’s gross domestic product grew 0.2 percent in the second quarter, significantly below the estimates.
NZD/USD fell from 0.7436 to 0.7422 today as of 11:55 GMT, following the decline to 0.7395.
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