The New Zealand dropped after the release of disappointing electronic card spending data.
Stats NZ reported that New Zealand’s total electronic card spending rose just 0.1% in June from the previous month. Moreover, spending in the retail industries was flat. The data was especially disappointing as economists had expected a boost to the spending from the British and Irish Lions tour to New Zealand. Electronic card spending is considered to be a proxy to consumer spending, which represents about 60% of the New Zealand economy.
NZD/USD dropped from 0.7272 to 0.7222 as of 12:53 GMT today, trading near the lowest level since June 22. EUR/NZD climbed from 1.5664 to 1.5792 — near the highest since June 6.
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