NZ Dollar Rises, Gains Limited as China’s PMI Drops
The Zealand dollar rose today, but gains were limited as official data showed that China’s manufacturing growth slowed last month, damping prospects for New Zealand exports.
The China Federation of Logistics & Purchasing reported that the Purchasing Managers’ Index fell from 50.6 in December to 50.4 in January. At the same time, the HSBC China Manufacturing PMI edged up from 51.5 to 52.3. It was the rare occurrence that government data was worse than non-official estimates. The NZ dollar was gaining on hopes for a positive official report and the unexpected fall of PMI subdued the currency’s strength, but did not wipe it out completely.
NZD/USD went up from 0.8385 to 0.8405 as of 10:51 GMT today, but fell from the daily maximum of 0.8437. NZD/JPY traded at 77.47 after opening at 76.88 and touching 77.75 — the strongest rate since August 2008.
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Earlier News About the New Zealand Dollar:
- NZ Dollar Rises on China's Growth & RBNZ Statement (2013-01-31)
- NZ Dollar Climbs as Trade Deficit Turns to Surplus (2013-01-29)
- NZD Gains on JPY & AUD as China's PMI Grows (2013-01-24)
- NZD/USD Goes Up, NZD/JPY Drops After BoJ Policy Meeting (2013-01-22)
- NZD/USD Falls with Lower CPI (2013-01-18)