The New Zealand Dollar (NZD) is trading lower in most pairs, and is down by over half a percent against the US Dollar (USD) at just above 0.6000 on Friday, as a sluggish economic outlook weighs on the NZD.
The New Zealand Dollar is trading lower in most pairs as the country’s economic growth stutters. Bearish technicals, showing a breakout from a price pattern, add fuel to the fire. The US Dollar strengthens on strong data, pushing NZD/USD down a step lower. The New Zealand Dollar is trading lower in most pairs, and is down by over half a percent against the US Dollar at just above 0.6000 on Friday, as a sluggish economic outlook weighs on the NZD.
USD claws back losses on robust data NZD/USD – the number of US Dollars one New Zealand Dollar can buy – has been especially hit after US PMI data on Thursday showed both the US services and manufacturing sectors remain in expansion territory in March – a comparatively robust result compared to most other developed nations. The US S&P Global Composite PMI came out at 52.2, holding above the 50 level that distinguishes expansion from contraction. US Manufacturing PMI came out at 52.
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