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NZ Dollar Rebounds as Manufacturing Expansion Accelerates

June 16, 2017 at 13:54 by Vladimir Vyun

Assortment of Kiwi dollar billsThe New Zealand dollar rebounded after yesterday’s slump versus the US dollar today and continued to rise against the Japanese yen for the fourth consecutive day.

The seasonally adjusted BusinessNZ Performance of Manufacturing Index rose from 56.9 in April to 58.5 in May — the highest level since January 2016. The index was staying above the neutral 50.0 level, indicating expansion, since October 2016. The positive data allowed the New Zealand currency to recover after yesterday’s drop caused by disappointing GDP.

NZD/USD rallied from 0.7203 to 0.7243 as of 13:51 GMT today. NZD/JPY gained from 79.89 to 80.30, and its daily high of 80.62 was the highest since March 3.

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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