The New Zealand dollar dropped today due to some poor macroeconomic data as well as the general risk-negative market sentiment that hurt commodities linked to growth.
The ANZ Business Confidence index slid from -15.3 in July to -29.1 in August. The report named several reasons for the pessimistic outlook of New Zealand businessmen, including the drop of commodity prices and the faltering economic growth of China. The data was detrimental for the New Zealand currency as was the risk-averse mood among Forex traders.
NZD/USD dropped from 0.6457 to 0.6416 and NZD/JPY slipped from 78.57 to 77.80 as of 10:29 GMT today.
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