NZ Dollar Down After Underwhelming Electronic Card Spending



All NZD denominationsThe New Zealand dropped after the release of disappointing electronic card spending data.

Stats NZ reported that New Zealand’s total electronic card spending rose just 0.1% in June from the previous month. Moreover, spending in the retail industries was flat. The data was especially disappointing as economists had expected a boost to the spending from the British and Irish Lions tour to New Zealand. Electronic card spending is considered to be a proxy to consumer spending, which represents about 60% of the New Zealand economy.

NZD/USD dropped from 0.7272 to 0.7222 as of 12:53 GMT today, trading near the lowest level since June 22. EUR/NZD climbed from 1.5664 to 1.5792 — near the highest since June 6.

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