NZ Dollar Drops Despite Better-Than-Expected PPI

The New Zealand dollar dropped today even though domestic macroeconomic data released overnight beat expectations.
Statistics New Zealand reported that Producer Price Index increased in the September quarter from the previous three months. The input PPI rose 1.4% and the output PPI rose 1.5%. That is compared to the forecast of 0.8% and 0.9% respectively.
NZD/USD declined from 0.6864 to 0.6847 as of 15:33 GMT today. NZD/JPY slumped from 77.43 to 76.89.

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