New Zealand Dollar Falls as Domestic Data Trails Expectations

The New Zealand dollar declined for the second consecutive session today as economic data released from New Zealand overnight failed to meet economists’ expectations.

Retail sales rose 0.8% in the December quarter of 2016 from the previous three months, less than specialists had expected — 1.1%. The seasonally adjusted BusinessNZ manufacturing PMI dropped from 54.2 in December to 51.6 in January. While the index remained in the expansionary territory above the neutral level of 50.0, the expansion was slowest since January 2015.

NZD/USD dropped from 0.7204 to 0.7187 as of 11:31 GMT today. NZD/JPY declined from 81.58 to 81.11.

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