NZ Dollar Declines as China PMI Falls Below Expectations, Rebounds

The New Zealand dollar fell to the lowest level this year against its US counterpart and the Japanese yen today after a report showed that China’s manufacturing sector slowed more than was anticipated by analysts. At present, the currency managed to rebound.
China Federation of Logistics and Purchasing reported that Purchasing Managers’ Index dropped from 53.3 in April to 50.4 in May. The median estimate of economists was 52.1. China is the second-biggest trading partner of New Zealand and the economy of the Asian nation has a great impact on the kiwi. The MSCI Asia Pacific Index of shares fell 1 percent, the third straight session of losses. Currently, the NZ dollar strives higher.
NZD/USD traded at 0.7552 as of 13:33 GMT today after falling from 0.7529 to 0.7454 — the lowest price since November 25. NZD/JPY was at about 59.06, following the drop from 58.96 to 57.92 — the lowest since November 28.

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