The New Zealand dollar fell ahead of today's Chinese gross domestic product figures, which will likely show growth in the world's second-biggest economy slowed in the second quarter, and sapping demand for assets linked to China's economy.
The New Zealand dollar fell to 79.01 US cents at 8am from 79.31
cents at 5pm yesterday.
The trade weighted index decreased to 72.08 from 72.21.
The kiwi is likely to finish the week lower after the world's second-biggest economy,
China probably grew 7.7 per cent in the three months ended June 30 from a year earlier, slowing from an 8.1 per cent pace in the first quarter, according to a Bloomberg survey.
Earlier this week, figures showed China's inbound shipments rose 6.3 per cent last month from June 2011, almost half the 11 per cent increase forecast in a Bloomberg survey.
"The New Zealand dollar may be unable to climb out of recent troubles today as the Chinese Q2 GDP data approaches," said Alex Sinton, Director Institutional FX at ANZ New Zealand. "The number would have to be sub 7.5 percent to see risk-off continue," which would push the kiwi lower, he said.
