New Zealand Dollar Rallies Following Manufacturing Report

The New Zealand dollar climbed today thanks to the positive manufacturing report released overnight and the supportive general market sentiment.

The BusinessNZ Performance of Manufacturing Index rose from 52.2 to 55.2 in February. The increase followed January’s dip, which was likely caused by seasonal factors. The New Zealand currency gained after the report, getting support also from the traders’ risk-positive mood caused the surprisingly dovish policy statement from the Federal Reserve.

NZD/USD gained from 0.6985 to 0.7014 as of 11:35 GMT today. EUR/NZD tumbled from 1.5413 to 1.5303.

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