NZ Dollar Driven Down by Economic Data, Risk Aversion

The New Zealand dollar dropped today, joining other commodity-geared currencies in decline, driven down by domestic macroeconomic data as well as the general risk-averse market sentiment.

The seasonally adjusted BusinessNZ Performance of Manufacturing Index fell from 54.4 to 53.4 in February. Still, the index was above the neutral 50.0 level, indicating that the sector continued to expand. Nevertheless, the report was not beneficial to the currency, which also suffered from the negative market sentiment caused by fear of trade wars.

NZD/USD declined from 0.7277 to 0.7257 as of 9:28 GMT today, and its daily low was at 0.7241. NZD/JPY slumped from 77.38 to 76.70.

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