The New Zealand dollar was trading below the opening level today as poor economic data from New Zealand and gains of the US dollar put pressure on the currency.
The New Zealand Producer Price Index input fell 1.0% while output was down 0.2% in March. The data was noticeably worse that economists’ predictions, and it hurt the kiwi (as the New Zealand currency is nicknamed). Meanwhile, the US Dollar Index gained 0.4%, adding to the pressure on the kiwi.
NZD/USD dropped from 0.6809 to 0.6774 as of 10:56 GMT today. EUR/NZD edged up from 1.6602 to 1.6634.
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