NZD Gains on JPY & AUD as China’s PMI Grows

  January 24th, 2013 at 9:50, Vladimir Vyun

Rolled bills on the plain banknotesThe New Zealand dollar gained against its the Japanese yen as China’s manufacturing expanded this month faster than was expected by analysts, according to the preliminary estimate. The currency also advanced versus its Australian peer.

The HSBC Flash Manufacturing PMI advanced from the upwardly revised December’s level of 51.5 to 51.9 in January. The median forecast was 51.7. The positive data allowed the kiwi to advance against the Japanese currency. The Australian dollar was weaker than its New Zealand counterpart as Australia’s inflation slowed.

NZD/JPY rose from 74.59 to 75.32 as of 9:50 GMT today. AUD/NZD dropped from 1.2525 to 1.2478 and its intraday low of 1.2460 was lowest since December 17.

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