New Zealand GDP Trails Expectations, NZ Dollar Gives Ground

The New Zealand dollar lost its footing, falling against major rivals, after the GDP report missed forecasts made by analysts.
New Zealand gross domestic product rose 0.9% in the June quarter, the same as in the previous three months. While not a bad reading by itself, it failed to reach the 1.1% growth predicted by forecasters. That is not good news, especially considering that just next week the Reserve Bank of New Zealand is going to conduct its policy meeting.
NZD/USD dropped from 0.7279 to 0.7253 as of 8:55 GMT today. NZD/JPY fell from 74.53 to 74.26.

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