Australian, New Zealand Dollars Slip on Slowing Chinese Growth
The Australian and New Zealand Dollars slipped against the greenback immediately after China announced that it's Q1 Gross Domestic Product grew by less than it had in the final three months of 2008. GDP data also underscored economist estimates by 0.1%. Fears that the Asian giant would continue to dwindle in strength took a toll on the two Pacific countries due to the fact that their economies are heavily reliant on the world's 3rd largest economy. In February alone, China accounted for 20% of Australia's exports. New Zealand on the other hand has a substantially larger exposure to it's northern neighbor. Yes, the island country does 26% of its export business with China.