NZ Dollar Rallies on Manufacturing Sales, Loses Gains

The New Zealand dollar rose at the start of the trading session after data showed that manufacturing sales jumped last quarter, but was slowly falling since then and trades below the opening level right now.

New Zealand manufacturing sales increased as much as 4.7 percent in the third quarter of 2013 after falling 1.2 percent in the previous three month. The Reserve Bank of New Zealand will conduct monetary policy meeting this week. No changes to policy are expected. Central bank’s Governor Graeme Wheeler will testify after the meeting.

NZD/USD was up from 0.8285 to 0.8319 intraday, but fell to 0.8271 as of 12:47 GMT today. NZD/JPY fell from 85.35 to 85.21 following the rally to 85.72 — the highest since April 12.

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