NZ Dollar Backs Off After Rally

The New Zealand dollar attempted to rally today following yesterday’s big slump. The currency backed off after the initial gain and remained close to the opening level. Economic data from New Zealand was mixed, giving the kiwi no clear bias.
On the positive side, the Business NZ Manufacturing Index improved in August, showing expansion of the manufacturing sector. On the negative side, food prices went into deflation last month. The New Zealand currency made to attempt to climb despite the mixed data, but the upward momentum was frail and unable to keep the kiwi up.
NZD/USD traded at the opening level of 0.6287 as of 11:40 GMT today after touching the session high of 0.6319. NZD/JPY was also near the opening of 75.83 following the rally to 76.39.

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