New Zealand Dollar Tumbles Amid Weak Chinese Data

The New Zealand Dollar (NZD) edged lower against the US dollar on Tuesday, reaching a low of 0.5895 in the Asian trading session.

This decline was largely due to weaker-than-expected Chinese Retail Sales and Industrial Production data, which weighed on the China-proxy NZD against the USD.

China's Retail Sales grew only 0.6% year-over-year (YoY) in July, missing estimates of 1.5% and slowing from June's growth rate of 1.0%. Meanwhile, Industrial Production rose 4.5% YoY, but fell short of expectations at 5.3%, marking the first decline in three months.

The National Bureau of Statistics attributed the slowdown to geopolitical pressure abroad and high temperatures domestically.