The New Zealand dollar declined against other most-traded currencies today on concerns that drought that the country is experiencing will worsen hurting the New Zealand economy.
Adverse weather in New Zealand can be detrimental to the nation’s economy, which for a large part depends on agriculture. The Reserve Bank of New Zealand will hold its policy meeting by the end of today’s session. No change to the monetary policy is expected. Economists are worried that the worsening drought may cause the central bank to delay an interest rate increase.
NZD/USD fell from 0.8266 to 0.8239 and NZD/JPY declined from 79.40 to 78.97 as of 10:50 GMT today.
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