NZ dollar drifts lower on disappointing Chinese data

Fri, 01 Jun 2012

By Pam Graham June 1 (BusinessDesk) – The New Zealand dollar drifted lower on Friday as investors already worried about debt in Europe digested weak Chinese manufacturing reports, and weaker prices for locally-produced raw materials. The kiwi slipped to 75.08 US cents at 5pm from 75.24 cents at 8am and 75.36 cents yesterday. The trade-weighted index declined to 68.91 from 69.06. The decline came as the ANZ Commodity Price Index tumbled to a 21-month low in May. ANZ said the decline in the kiwi dollar in May outpaced the fall in commodity pr...

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