NZ Dollar Declines Despite Rising Manufacturing Index

The New Zealand dollar declined against its most-traded rivals today even after data released overnight showed that the manufacturing sector expanded with accelerating pace.
The BusinessNZ Performance of Manufacturing Index edged up from 51.9 to 53.5 in October. That was the highest reading since May. The report commented on the result, saying that “the October result was a welcome change from where the survey has sat for the previous four months” and adding that “the improvement in the PMI is not large, but we see it as important to the broader economic narrative.”
NZD/USD declined from 0.6824 to 0.6805 as of 12:19 GMT today. NZD/JPY dropped from 77.54 to 77.11.

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