The New Zealand dollar fell today after a report showed that nation’s manufacturing expansion slowed, though remained at a high level. By now, the currency has trimmed its losses.
The BusinessNZ Performance of Manufacturing Index eased to 54.5 in May from 59.1 in April. Despite the drop, the reading was the third highest over the last six months. Furthermore, the report stated:
BusinessNZ’s executive director for manufacturing Catherine Beard said that while May softened in terms of expansion, the fundamentals behind the main result look solid for now.
NZD/USD fell from 0.6972 to 0.6953 as of 11:49 GMT today, though rebounded from the daily low of 0.6929. EUR/NZD rallied from 1.6574 to 1.6671, touching the daily high of 1.6707.
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