NZ Dollar Stands Firm in Face of Overwhelmingly Negative Data

The New Zealand dollar was relatively firm today. That is surprising considering that macroeconomic data was overwhelmingly negative to the currency.
Released during the American trading session, the GlobalDairyTrade Price Index dropped 0.7%. The ANZ Commodity Price Index, released during the Asian session, showed a drop of 1.1% in August from the previous month. While it was a slower decline than 3.3% registered in the preceding month, it was the third consecutive drop and not a good reading overall.
News from China, New Zealand’s biggest trading partner, was not good either. The Caixin China General Services PMI dropped from 52.8 in July to 51.5 in August. Analysts had expected it to stay almost unchanged.
NZD/USD rose from 0.6542 to 0.6564 as of 11:47 GMT today. NZD/JPY gained from 72.91 to 73.24. NZD/CHF advanced from 0.6371 to 0.6394.

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