NZ Dollar Gains as Manufacturing Sector Continues to Grow

The New Zealand dollar rose today despite the report that showed slower growth of New Zealand’s manufacturing sector.

The seasonally adjusted BusinessNZ Performance of Manufacturing Index slipped from 57.9 to 57.5 in September. Yet the report did not consider the small drop as a problem, noting that manufacturing “continued to display very healthy levels of expansion” and “the sector has remained in expansion in all months since October 2012.” That and also the relatively positive macroeconomic data in China, New Zealand’s biggest trading partner, were the likely reasons for today’s decent performance of the New Zealand dollar.

NZD/USD ticked up from 0.7127 to 0.7139 as of 12:01 GMT today. EUR/NZD dropped from 1.6585 to 1.6530, retreating from the daily high of 1.6626.

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