New Zealand Dollar Fails to Rally Despite Data from China

The New Zealand dollar slipped against most major currencies today (though not against the US dollar) as relatively positive data released from China failed to bolster the currency of its trading partner.

China’s official data showed that manufacturing Purchasing Managers’ Index rose from 51.2 to 51.7 in November, exceeding market expectations and demonstrating the second month of increase. Meanwhile, the private Caixin report showed a small drop to 50.9 from October’s 51.2, though that was the highest level in more than two years, and the reading was still firmly in the growth territory.

Economic data released from New Zealand itself was not that good, showing an unexpected decrease of the Overseas Trade Index by 1.8% in the September quarter from the previous three months.

NZD/USD was up from the open of 0.7080 to 0.7085 as of 10:53 GMT today, though the currency pair retreated from the daily high of 0.7103. EUR/NZD rose from 1.4944 to 1.4985.

If you have any questions, comments or opinions regarding the New Zealand Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *