In addition to the dismal data from New Zealand, headlines surrounding the U.S. - China trade conflict and the heavy commodity sell-off this week put additional weight on the NZD's shoulders. According to several news outlets, President Trump is not planning to meet his Chinese counterpart before the March 1 deadline, which revives the possibility of the U.S. continuing to impose tariffs on Chinese goods for a longer period than markets were hoping for.
-As China is both Australia and New Zealand’s biggest trading partner bad news between China-US are highly correlated with the pairs
New Zealand dollar is losing its shine as a "high-yielding" major currency, courtesy of dovish RBNZ expectations and the resulting drop in the bond yields.
The yield on the benchmark 10-year government bond yield slumped to a record low of 2.11 percent soon before press time.
New Zealand reported a weaker-than-expected employment numbers yesterday, triggering speculation the Reserve Bank of New Zealand might sound more open to rate cuts at its policy meeting, scheduled for Feb. 13.