The New Zealand dollar lost its footing, falling against major rivals, after the GDP report missed forecasts made by analysts.
New Zealand gross domestic product rose 0.9% in the June quarter, the same as in the previous three months. While not a bad reading by itself, it failed to reach the 1.1% growth predicted by forecasters. That is not good news, especially considering that just next week the Reserve Bank of New Zealand is going to conduct its policy meeting.
NZD/USD dropped from 0.7279 to 0.7253 as of 8:55 GMT today. NZD/JPY fell from 74.53 to 74.26.
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