Soft Chinese retail sales and industrial output in July drag the New Zealand Dollar to a session low near 0.5895.
The NZD/USD pair slipped below 0.5900 to around 0.5895 in Asian trading on Tuesday. The decline follows weaker-than-expected Chinese economic data, including July retail sales and industrial production figures.
China’s retail sales grew 2.7% year-over-year in July, missing forecasts, while industrial production rose 5.1%, also below expectations. Both metrics fell short of June’s prints, signaling a slowdown in the world’s second-largest economy.
The New Zealand Dollar, often sensitive to Chinese economic trends due to trade ties, extended losses against the USD as investors assessed the implications of softer demand.