Kiwi Loses Ground as China Data Disappoints
The New Zealand Dollar (NZD) weakened against the U.S. Dollar in Tuesday's Asian session, trading near 0.5895 as disappointing Chinese macroeconomic releases weighed on the currency.
China's National Bureau of Statistics reported that Retail Sales expanded by 0.6% year-on-year in July, falling short of the projected 1.5% increase and marking a slowdown from the 1.0% gain recorded in June.
Industrial Production grew 4.5% year-on-year in July, below the 5.3% figure and marking the first decline in the pace of growth in three months.
The softer U.S. data pointed to consumer price inflation and weaker retail sales, which reduced bets on an additional Federal Reserve rate increase. Market participants shifted to a near-65% likelihood that the Fed will leave rates unchanged.