NZ Dollar Falls After Economic Data from New Zealand & China

The New Zealand dollar fell today due to negative macroeconomic data released during the current trading session in New Zealand and the country’s major trading partner, China.

The official China manufacturing Purchasing Managers’ Index fell from 52.4 to 51.6 in October, below the median forecast of 52.2. The non-manufacturing PMI slid from 55.4 to 54.3.

The ANZ Business Confidence dropped from 0.0 in September to -10.1 in October. New Zealand building consents fell 2.3% in September.

The New Zealand dollar fell due to the adverse reports, but analysts also theorized that investors were also spooked by political tensions in the United States.

NZD/USD dropped from 0.6871 to 0.6843 as of 9:16 GMT today. EUR/NZD ticked up from 1.6942 to 1.6981. NZD/JPY slipped from 77.73 to 77.53, and its daily low of 77.32 was the weakest level since May 22.

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