The New Zealand dollar fell today, driven down both by domestic macroeconomic data and by the monetary policy statement of the Federal Reserve. The currency was moving down for the past two days, but the drop was not enough to erase the huge Tuesday’s rally.
New Zealand building permits dropped 4.1 percent in June after showing no change in the preceding month. Yesterday, the Federal Reserve released a policy statement that left an open door to a September interest rate hike, boosting the US currency and pushing most other currencies down. As a result, the New Zealand dollar fell today but the drop was nowhere as big as the Tuesday’s gain by more than 1 percent.
NZD/USD declined from 0.6664 to 0.6635 and NZD/JPY slipped from 82.57 to 82.35 as of 8:42 GMT today.
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