NZD Slumps Below 0.5900 as China's Economic Slowdown Bites

The New Zealand Dollar (NZD) dropped below the 0.5900 threshold against the US Dollar (USD), weighed down by China's disappointing July economic data.

China's industrial production grew 5.1% year-on-year in July, falling short of the 5.2% forecast and decelerating from June's 5.3% pace.

The slowdown has reignited concerns about China's economic recovery, which is crucial for New Zealand due to its status as a major buyer of the country's dairy and agricultural exports.