NZ Dollar Loses Ground Despite Supportive Data

The New Zealand dollar fell today even though economic data from the South Pacific nation was rather positive, yet it was not enough to halt the long-term downtrend of the currency.
The BNZ-BusinessNZ seasonally adjusted Purchasing Managers’ Index rose by 1.1 points to 58.1 in September. The reading was close to the highest in the year. Yet the New Zealand currency was falling despite the report as the market sentiment is unfavorable to the kiwi. The negative traders’ mood made the US dollar, which dropped yesterday, bounce today, pushing higher-yielding currencies down.
NZD/USD dropped from 0.7986 to 0.7908 as of 12:35 GMT today. NZD/JPY edged down from 84.59 to 83.64.

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