New Zealand Dollar Carves out Gains, Defying Disappointing Reports

The New Zealand dollar managed to carve out some gains today, even though macroeconomic data from New Zealand and New Zealand’s major trading partner, China, was not particularly good.

The New Zealand’s merchandise terms of trade rose 0.7% in the September quarter of this year from the previous three months, two times slower than the 1.4% rate of growth registered in the preceding quarter. Analysts had expected the indicator to maintain its pace of growth about the same, though the trade index was still at the all-time high.

Meanwhile, the seasonally adjusted Caixin China General Manufacturing PMI slipped from 51.0 in October to 50.8 in November, while experts had predicted a small increase to 51.2.

NZD/USD gained from 0.6930 to 0.6846 as of 9:41 GMT today, bouncing from the daily low of 0.6815. NZD/JPY was up from 76.85 to 76.93 after touching the daily low of 76.70.

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