European Woes Bring Down New Zealand Dollar

The New Zealand dollar dropped today as the retail sales were lower than the analysts predicted and on the concern that the European debt crisis will dump the demand for the riskier currencies.
New Zealand retail sales rose 0.5 percent compared to the month earlier, while the experts expected the 1.1 percent increase. The uncertainty about the European economy and the impact of its troubles on the global markets makes the traders nervous and the consumers less willing to spend their moneys.
NZD/USD traded at about 0.7115 as of 10:09 GMT today after it opened at 0.7143.

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