The New Zealand dollar dropped today on concerns that the US government shutdown will hamper global economy growth. The currency remained weak even though other fundamentals were highly supportive.
Reserve Bank of New Zealand Governor Graeme Wheeler signaled that the central bank may start raising interest rates as soon as the next year. It confirmed speculators’ expectations and the previous statement of the RBNZ. China’s non-manufacturing Purchasing Mangers’ Index climbed from 53.9 in August to 55.4 in September. China is the biggest trading partner of New Zealand.
NZD/USD fell from 0.8327 to 0.8292 and NZD/JPY dropped from 81.06 to 80.64 as of 17:17 GMT today.
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