New Zealand Dollar Falls Despite Supportive Domestic Data

The New Zealand dollar went down today even though domestic macroeconomic data was positive for the currency. It was the third consecutive daily decline against the US dollar.

New Zealand Institute of Economic Research reported that its business confidence index rose from 19 in the third quarter of 2014 to 23 in the fourth quarter. Unlike the Australian dollar, the New Zealand currency was unable to benefit from positive data. Some market experts blamed the Chinese data for the lackluster kiwi’s performance, though reports from the Asian country were not bad strictly speaking.

NZD/USD dropped from 0.7776 to 0.7735 as of 9:59 GMT today, reaching the low of 0.7707 intraday. EUR/NZD advanced from 1.4902 to 1.4991.

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