New Zealand dollar is mostly lower today, following the latest growth forecasts. Kiwi is down as GDP forecasts for the year are adjusted downward, and due to the release of the latest producer prices information.
Back in July, the New Zealand dollar hit record highs. Now that is all over as concerns about future growth weigh on the kiwi. The latest GDP forecasts indicate that growth will be slower than expected going forward, and that has many currency traders disappointed in the Down Under currency.
Not only is the latest growth data a cause for concern for the kiwi, but the latest dip in producer prices is also weighing. All of the latest data points to slower growth, and that isn’t good news for the kiwi, which is often supported by growth and higher commodity prices.
Indeed, the concerns about growth are strong enough that higher commodity prices aren’t doing much to help the New Zealand dollar. Even with gold back above $ 1,300 per ounce and oil prices gaining, the kiwi continues to struggling in Forex trading.
At 11:54 GMT NZD/USD is lower, dropping to 0.8458 from the open at 0.8479. AUD/NZD is higher, gaining to 1.1041 from the open at 1.0997. NZD/JPY is also down, dropping to 86.8350 from the open at 86.9750.
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