New Zealand’s economic growth slowed down in Q2 2011 more than expected. According to Statistics New Zealand, in April- June the country’s GDP gained only 0.1% mainly because of the poor data from NZ’s construction and mining industries.
The construction sector keeps pressing the NZ economy. The decline is equal to 4.3% (or $1.1B), which is the biggest one seen in the last decade as the demand for dwelling property is weak. The mining industry showed a 5.4% decline, the biggest one over the last 12 months.
FOREX.
The experts of the Department of Masterforex-V trading system report that NZDUSD has recently hit the 5-month low. NZDUSD keeps retracing against the long-term uptrend in the form of the ABC pattern of Daily. The closest support is 0,7630. The retracement will be over when the price breaks above the MF pivot and sloping channel (as shown below):
