NZ Dollar Finds Strength in Manufacturing Sales, Ignores Negative Factors

The New Zealand dollar appreciated today, reaching the strongest level since March against its US peer, as the increase of New Zealand manufacturing sales overshadowed negative factors. The currency advanced versus the Japanese yen, but later erased gains.
New Zealand’s manufacturing sales grew 1.6 percent in the third quarter of 2012 from the second quarter. The increased followed the drop by 0.8 percent in the preceding quarter (revised positively from 1.1 percent decline). The positive domestic fundamentals allowed the New Zealand currency to shrug off the negative news from China.
NZD/USD rose from 0.8322 to 0.8346 as of 14:29 GMT today, reaching the highest settlement since March 2. NZD/JPY dropped from 68.67 to 68.60 after reaching the daily high of 68.85.

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