Both domestic and overseas fundamentals were negative for the New Zealand dollar, and the currency dropped against the Japanese yen at the first half of today’s trading session. Yet despite the detrimental factors the kiwi managed to rebound against the yen, erasing losses, and to rise a bit versus the US dollar.
The HSBC Flash China Manufacturing Purchasing Managersâ Index fell from 49.5 in January to 48.3 in February, reaching the seven-month low. Analysts have thought that the index would stay little changed. Both input and output Producer Price Index for New Zealand fell in the fourth quarter of 2013 instead of rising as experts were predicting. The New Zealand dollar was falling in the previous two sessions, but today it was surprisingly resilient in face of the negative news.
NZD/USD was up from 0.8273 to 0.8286 as of 14:00 GMT today. NZD/JPY traded at about 84.73 after falling from 84.63 to 84.00 earlier.
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