The New Zealand dollar fell today, even though manufacturing data from the South Pacific nation was rather good, but not before reaching the highest level since 2011 against its US counterpart.
The BusinessNZ Performance of Manufacturing Index advanced from 52.6 in May to 53.3 in June, indicating expansion of the sector. It was a 21st consecutive month of expansion. Yet for whatever reason, be it concerns about Chinese or US economic performance, the New Zealand dollar dropped today. Of course, it is important to remember that this happened only after the currency reached a multi-year high against the US dollar, meaning that bullish momentum is still strong.
NZD/USD dipped from 0.8822 to 0.8801 as of 11:00 GMT today, while its daily high of 0.8835 was highest since August 2011. NZD/JPY plunged from 89.66 to 89.18.
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