The 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.
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