The New Zealand dollar dropped today as slowing growth of China’s manufacturing sector led to worries about global economic growth and hurt prospects for New Zealand exports.
The HSBC Flash China Manufacturing Purchasing Managers’ Index dropped from 51.6 in March to 50.5 in April. The median forecast promised smaller decrease to 51.4. China is the biggest trading partner of New Zealand.
The recent data from China fueled concerns that nation’s economic growth is slowing. Of course, the economy still looks very powerful, especially compared to the stagnating economies of developed nations, but weaker growth made investors nervous.
NZD/USD fell from 0.8422 to 0.8390 and NZD/JPY slid from 83.57 to 82.89 as of 4:50 GMT today.
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Slowing China’s Manufacturing Growth Hurts NZ Dollar
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