The New Zealand dollar bounced after the initial drop earlier today but was unable to log gains as domestic macroeconomic data that came out over the weekend was detrimental to the currency’s performance.
Like the Australian dollar, the New Zealand currency rebounded after the drop earlier during the current trading session, but unlike the Aussie the kiwi was unable to move further up from the opening level. One of the reasons for the lackluster performance is the report that showed a drop of the total value of manufacturing sales by 0.7 percent in the last quarter of 2014 even though the volume of sales increased. Another negative factor for the New Zealand dollar was the decrease of China’s imports.
NZD/USD traded at about 0.7366 as of 13:05 GMT today following the drop from 0.7370 to 0.7321. NZD/JPY was down from 89.02 to 88.58 before rebounding to 89.07.
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