Tough week for Kiwi bulls as it fell to both weak manufacturing data from China, as well as weak business and jobs data from New Zealand.
The New Zealand Dollar
New Zealand Headlines and Economic data
- New Zealand business confidence stays gloomy in April
- Chinese factory activity grew slower than expected, widely watched indicators show – This event and the weak NZ business confidence data was the likely driver for the weakness in the Kiwi, and the Chinese data arguably was the catalyst for global risk aversion in general for the week. There was an expectation of continued recovery in China’s manufacturing sector, so the disappointment naturally spurred risk-off behavior, arguably for the whole week.