ECM: New Zealand dollar hit by unexpected weakness in GDP growth
The New Zealand dollar (Currency:NZD) is holding ground against the pound and euro, but the New Zealand currency has fallen sharply against the US dollar.
The Pound to New Zealand dollar exchange rate is unchanged on Wednesday's close at 1.9563, the euro to New Zealand dollar exchange rate is a tad higher at 1.6298, and the New Zealand dollar to US dollar exchange rate is 0.53% down at 0.8072.
There is certainly an element of global market play behind the weakness we are seeing in the New Zealand dollar - poor Chinese PMI readings have not helped stocks and commodities. The Australian dollar has taken a beating, and this will inevitably hurt the New Zealand dollar.
