German Business Climate Makes NZ Dollar Less Attractive
The New Zealand dollar fell today as the unfavorable report about business climate in Germany decreased appeal of
The Ifo Business Climate Index for German industry and trade dropped from 112.9 in July to 108.7 in August, the lowest level since October 2010. The expected value was 111.2. The report wasn’t completely pessimistic, saying:
The current business situation, however, continues to be assessed overall as good, although the situation appraisals in recent months were significantly more favourable. The German economy is not immune to current worldwide turbulences.
NZD/USD fell from 0.8358 to 0.8285 and EUR/NZD climbed from 1.7261 to 1.7436 as of 11:14 GMT today.
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Earlier News About the New Zealand Dollar:
- NZ Dollar Climbs on Expectations of QE3 in US (2011-08-22)
- NZ Dollar Heads for Second Weekly Drop (2011-08-12)
- Risk Rally Pushes NZD to Records vs. Dollar (2011-08-01)
- New Zealand Economy Expands, NZD/USD Jumps to Record (2011-07-14)
- China's Economy Makes Kiwi More Appealing, NZD/USD at Record (2011-07-13)