NZD marked lower on the worse than expected economic contraction data from New Zealand

The economy in New Zealand shrunk in the final quarter of 2022:

• New Zealand GDP for Q4 2022 (sa) -0.6% q/q (expected -0.2%)

As you can see from the headline the contraction was worse than expected.

NZD/USD began its slide on this during the Asian session yesterday:

• S&P says New Zealand ratings could come under pressure

And got worse overnight with the huge shift in to USD on Credit Suisse fears:

• Forexlive Americas FX news wrap: Credit Suisse under fire

Adding to its losses now: