The New Zealand dollar suffered similar fate as the Australian dollar. It too fell to a six year low of 0.6470 versus the US$, following the PBoC actions. The New Zealand dollar had already been weakened by recent falls to the Global Dairy Trade auction results, with its main export dairy product prices continuing to decline. 

The Kiwi did manage a limited recovery, although retail sales data covering the 3 months to June climbed by just 0.1%, but was well shy of market forecast of an increase of 0.5%.