New Zealand Dollar Plunges to 11-Week Low Amid Selling Pressure

The New Zealand Dollar (NZD) plummeted to an 11-week low of under $0.5700 against the US Dollar, but managed to bounce back as crude oil prices dropped.

This dip was part of a four-week selling streak that has taken the NZD/USD pair from just below $0.6000 to its current level.

The decline came despite New Zealand's economy growing 0.2% in the second quarter, beating forecasts and annual growth reaching 2.6%, which should have kept another rate increase on the table for the Reserve Bank of New Zealand (RBNZ).

However, RBNZ Governor Breman has stated that another increase is likely but the timing is highly uncertain.