New Zealand dollar undermined by raft of weak data

The New Zealand dollar weakened yesterday after a raft of weak economic data dented hopes of an imminent recovery in the global economy. There had been sporadic data over the last few weeks which had investors speculating that the world economy is starting to bottom out. But last night’s data, including a poor Chinese GDP figure, suggested there is still some way to go. This caused investors to revert back to safe havens.