The New Zealand dollar was driven lower on Monday, with several second-tier indicators pointing to renewed weakness in the economy.
A consumer confidence gauge fell to its lowest level in three years this quarter, while net migration moderated in August, adding to recent signs that the economic growth is continuing to slow, and weighing on the New Zealand dollar on Monday.
Consumer views on the near-term outlook for the economy was the biggest contributor to the drop in sentiment this quarter, with a net -15% of people expecting good economic times for the year ahead, down from a net 4.8% last quarter.
Further data released on Monday showed net migration slowing from 5,730 in July to 5,470 last month.
The NZD/USD pair fell 0.39% to $0.6374 on Monday afternoon in Wellington, from $0.6399 at the close of trade in New York on Friday. Pair is currently trading at $0.6371 levels and made intraday low at $0.6366 levels.
