NZDUSD drops despite strong confidence data
The New Zealand dollar dropped against its U.S. counterpart on Tuesday, despite the release of strong business confidence from New Zealand.
The business confidence index rose to 23 in the fourth quarter of 2014, from the previous reading of 19.
However, the kiwi ignored the positive data and weakened after data showed that China`s gross domestic product rose 1.5% in the last quarter, disappointing expectations for a growth rate of 1.7%, given New Zealand a key trading partner for China.
The greenback remained broadly supported after the Swiss National Bank shocked markets last Thursday by abandoning its minimum exchange rate 1.20 franc/euro.
NZD/USD pair retreated by 0.63% to 0.7733 at 10:18 GMT.
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