NZ Dollar Drops as Central Bank:August 9th, 2010

The New Zealand dollar fell today after the report showed that the house prices increased with slower pace, causing the speculation that the central bank wouldn’t raise the interest rates next month. The house prices in New Zealand grew 4.1 percent in July from a year earlier, following the growth by 5.2 percent in the previous month. The Reserve Bank of New Zealand announced, after it raised the key rate to 3 percent last month, that the slower economic growth prompts to slow the pace of the rates’ increases.
NZD/USD dropped from 0.7336 to 0.7313 today as of 9:58 GMT.
If you want to comment on the New Zealand dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.