NZ Dollar Down on China’s Industrial Profits
The New Zealand dollar fell today after the report showed that profits of Chinese industrial companies declined, adding to signs of global economic slowdown and damping prospects for New Zealand exports.
Industrial profits in China were down 5.4 percent in July from a year ago. China is the second largest trading partner of New Zealand. The Standard & Poor’s 500 Index lost 0.1 percent and S&P GSCI Index of commodities declined 0.5 percent.
NZD/USD fell from 0.8083 to 0.8070 and NZD/JPY declined from 63.65 to 63.43 as of 11:45 GMT today.
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Earlier News About the New Zealand Dollar:
- NZ Dollar Gains as Fed Sparks Hope for QE3 (2012-08-23)
- NZ Dollar Falls on Pessimistic Outlook for PMI Reports (2012-08-22)
- NZ Dollar Rallies with Milk Prices (2012-08-17)
- NZ Dollar Suffers from Bad Employment Data (2012-08-09)
- NZ Dollar Jumps After S&P Confirms Sovereign Rating (2012-08-03)