The New Zealand dollar declined today on the speculation that the Chinese economy is slowing, reducing attractiveness of riskier assets of emerging markets, and as Asian stocks fell.
The report on March 22 showed that China’s manufacturing may has slowed this month, though forecasters say that the government report on April 1 may show an expansion, albeit a minor one. The New Zealand currency depends on the China’s economy as the Asian country is the second biggest trading partners of Australia. The MSCI Asia Pacific Index of shares fell 0.5 percent today, while the Standard & Poorâs 500 Index was down 0.3 percent yesterday.
NZD/USD was down from 0.8205 to 0.8192 as of 11:42 GMT today and the daily minimum was 0.8171. NZD/JPY declined from 68.21 to 67.98, following the drop to 67.63.
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