NZ dollar drops after weaker Chinese manufacturing, higher Australian inflation

Wed, 24 Jul 2013

By Tina Morrison July 24 (BusinessDesk) – The New Zealand dollar dropped after a preliminary report showed Chinese manufacturing was weaker than expected, raising concerns the world’s second-largest economy is losing momentum. The kiwi fell as low as 79.45 US cents from 80.01 cents immediately before the Chinese report was released at 1:45pm local time. The New Zealand dollar fell as low as 85.77 Australian cents following the PMI and data at 1:30pm showing higher-than-expected Australian inflation, having climbed as high as 86.27 cents imme...

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