New Zealand Dollar Rises in Face of Adverse Fundamentals

The New Zealand dollar rallied today even though macroeconomic data released earlier this week was highly negative for the currency while the market sentiment was not supportive either.
Released yesterday, the trade balance data showed a growing deficit that exceeded economists’ expectations. Earlier this week, a report showed that manufacturing sector of China, the main trading partner of New Zealand, was at its worst in six years and half. Yet all these factors did not prevent the kiwi from rising against its major rivals, including the weak yen and the rather strong US dollar.
NZD/USD gained from 0.6352 to 0.6371 as of 17:48 GMT today, bouncing from the session low of 0.6296. NZD/JPY jumped 1 percent from 76.26 to 77.02.

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