NZ Dollar Maintains Gains on Fed even as China’s Manufacturing PMI Falls

  May 01st, 2013 at 10:52, Vladimir Vyun

Kiwi denominationsThe New Zealand dollar gained today on hopes that the Federal Reserve will confirm that quantitative easing stays in place. The currency maintained gains even as China’s manufacturing growth slowed.

China’s manufacturing Purchasing Managers’ Index fell from 50.9 in March to 50.6 in April, while analysts have predicted it to remain near the previous level. The index still points on expansion, unlike in some developed nations, making the data not that bad. The New Zealand currency remains firm as traders await for the Fed’s decision today. No changes to the monetary policy are expected, making it likely that demand for riskier assets will persist.

NZD/USD rose from 0.8558 to 0.8577 and NZD/JPY ticked up from 83.36 to 83.63 as of 10:52 GMT today.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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