The New Zealand dollar followed its Australian counterpart in decline, also falling to a multi-year low against the US dollar, as economic news from New Zealand was rather pessimistic.
The New Zealand Institute of Economic Research reported today:
The latest NZIER Quarterly Survey of Business Opinion shows the New Zealand economy losing momentum.
After discussing various signs of economic weakness in New Zealand, the institute concluded:
These results suggest further interest rate cuts for the remainder of 2015.
Yet not only domestic news made the kiwi follow the Aussie in decline as worries about the future of Greece and the crash of the Chinese stock market significantly contributed to the drop of the currency too.
NZD/USD dropped from 0.6685 to 0.6639 as of 11:12 GMT today, trading close the weakest rate since June 2010. NZD/JPY dipped from 81.93 to 81.30.
If you have any questions, comments or opinions regarding the New Zealand Dollar,
feel free to post them using the commentary form below.