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Slacking Global Growth Makes NZ Dollar Less Appealing

October 23, 2012 at 21:57 by Vladimir Vyun

10 NZD banknote on 20-dollar noteThe New Zealand dropped today as worries that global economic growth is slacking deterred Forex market participants from riskier currencies. The kiwi reached the lowest level in more than a month against the US dollar.

Spain’s economy contracted for the fifth consecutive quarter. The poor data followed the credit downgrade of five Spanish regions by Moody’s Investor Service. Europe became a bringer of bad news yet again.

The United States were not helpful either. The Richmond Manufacturing Index dropped to -7 in October from 4 in September. A nasty surprise, considering that analysts have thought it would stay little changed.

NZD/USD dropped from 0.8173 to 0.8116 and NZD/JPY fell from 65.32 to 64.82 as of 21:48 GMT today.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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