New Zealand Manufacturing PMI Slips, NZ Dollar Pays Little Attention

New Zealand manufacturing PMI fell last month, as was shown by the report released by Business NZ today, though that had limited impact on the performance of the New Zealand dollar. The currency rallied intraday but has retreated by now.

The BusinessNZ Performance of Manufacturing Index fell from 53.3 in February to 52.2 in March. It was the second consecutive decline in 2018. The report was not entirely negative, though, as BusinessNZ’s executive director for manufacturing Catherine Beard said:

On a positive note, the proportion of positive comments in March (55.1%) picked up from both February (51.4%) and January (50.7%).

NZD/USD rallied from 0.7373 to 0.7395 intraday but backed off to 0.7355 by 14:12 GMT today. NZD/JPY traded near its opening level of 79.10 following the rally to 79.61.

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