The New Zealand dropped today as worries that global economic growth is slacking deterred Forex market participants from riskier currencies. The kiwi reached the lowest level in more than a month against the US dollar.
Spain’s economy contracted for the fifth consecutive quarter. The poor data followed the credit downgrade of five Spanish regions by Moody’s Investor Service. Europe became a bringer of bad news yet again.
The United States were not helpful either. The Richmond Manufacturing Index dropped to -7 in October from 4 in September. A nasty surprise, considering that analysts have thought it would stay little changed.
NZD/USD dropped from 0.8173 to 0.8116 and NZD/JPY fell from 65.32 to 64.82 as of 21:48 GMT today.
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