The New Zealand dollar dropped today even though macroeconomic data released from the South Pacific country over the weekend was better than economists had anticipated.
Statistic New Zealand reported that the Overseas Trade Index dropped 1.9 percent in the fourth quarter of 2014 from the previous three months. While the reading itself was not particularly good, it was better than the forecast drop by 2.9 percent. Yet the New Zealand currency still dropped, following the Australian dollar, most likely due to the interest rate cut in China.
NZD/USD dropped from 0.7550 to 0.7509 and NZD/JPY fell from 90.38 to 90.15 as of 19:16 GMT today.
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