NZ Dollar Falls Ahead of FOMC Meeting, Domestic Data Doesn’t Help

The New Zealand dollar fell today as markets were in a risk-off mode ahead of Federal Reserve monetary policy meeting later today. Domestic macroeconomic data was not helpful to the currency.
Statistics New Zealand reported that the current account balance turned into a deficit of NZ$1.11 billion in the June quarter (not adjusted for seasonal variations) from a surplus of NZ$0.72 billion in the previous month, matching forecasts. Released yesterday, the GlobalDairyTrade price index rose 2.0% after falling 0.4% in the previous reporting period.
NZD/USD fell from 0.6357 to 0.6334 as of 11:24 GMT today. EUR/NZD went up from 1.7396 to 1.7436, touching the high of 1.7472 intraday.

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