The New Zealand dollar rallied today, lifted by positive news from China. China’s service sector expanded more than was expected, while rumors circulated that the United States and China are close to a trade deal.
The Caixin China Services PMI climbed from 51.1 in February to 54.4 in March. That is compared to the average forecast of an increase to just 52.3.
As for economic data in New Zealand itself, there were just a couple of relatively unimportant reports. The ANZ World Commodity Price Index rose 1.4% in March from the previous month after gaining 2.8% in February. Released yesterday, the Global Dairy Trade Price Index rose 0.8% after rising 1.9% in the previous reporting period.
NZD/USD climbed from 0.6755 to 0.6798 as of 9:53 GMT today. EUR/NZD edged down from 1.6579 to 1.6545. NZD/JPY rallied from 75.19 to 75.79.
If you have any questions, comments, or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.
