New Zealand Dollar Stable, Ignores China’s Lackluster Data

The New Zealand dollar was stable today even as China’s macroeconomic data was disappointing, dragging Asian stocks down. China is the biggest trading partner of New Zealand, therefore economic performance of the Asian nation often strongly affects the South Pacific currency.

The National Bureau of Statistics of China reported that industrial production rose 6.0% in August from a year ago, less than the forecast of 6.6% and the previous month’s growth of 6.4%. Total investment in fixed assets was up 7.8%, also trailing the prediction of 8.2%. Most other indicators also failed to meet expectations.

NZD/USD traded at about the opening level of 0.7238 as of 8:34 GMT today. NZD/JPY was at 79.89, near the opening of 79.94.

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