NZ Dollar Fails to Rally on Positive Manufacturing PMI

The New Zealand dollar attempted to rally today on the back of the very good manufacturing report, but failed, and is now trading lower against most rivals with the exception of the very soft US dollar.

The seasonally adjusted Performance of Manufacturing Index reported by Business NZ climbed to 58.9 in April from 53.1 in March. That was the highest level since January 2016.

At the same time, food prices rose just 0.1% last month according to Statistics New Zealand, following the 1.0% increase in the prior month.

NZD/USD traded at 0.6968 as of 13:51 GMT today after opening at 0.6961 and rallying to the daily high of 0.6987. EUR/NZD opened at 1.7105, slid to the low of 1.7070, but bounced to trade at 1.7158 later.

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