NZ Dollar Soft as Manufacturing Sales Fall

The New Zealand dollar opened below Friday’s close today. The currency attempted to rebound before pulling back. Markets were relatively quiet today, so the likely reason for the currency’s losses was negative domestic macroeconomic data.
Statistics New Zealand reported that manufacturing sales fell 0.7% in the June quarter compared with the previous three months. The decline was registered in the majority of industries, except for chemical, polymer, and rubber products. The previous quarter’s increase got a negative revision from 1.0% to 0.8%.
NZD/USD closed at 0.6426 on Friday, opened at 0.6413 on Monday, rallied to the daily high of 0.6437 but backed off to 0.6419 by 8:11 GMT today. EUR/NZD closed at 1.7149 on Friday, opened at 1.7170 today, dropped to 1.7119 intraday but rebounded to 1.7186 later.

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