Kiwi holds in holiday trading after positive Chinese growth data
The New Zealand dollar stays within its recent range in quiet trading, with US markets closed and figures showing Chinese manufacturing is growing again.
The New Zealand dollar stayed within its recent range in quiet trading with US markets closed for the Thanksgiving Day holiday and after figures showed Chinese manufacturing is growing again.
The kiwi slipped to 81.46 US cents from 81.55 cents at 5pm in Wellington yesterday. The trade-weighted index fell to 73.21 from 73.30.
China's HSBC managers' index indicated industrial production is growing this month, with a preliminary reading of 50.4. That marked the first expansion in 13 months and helped bolster hopes that the world's second-largest economy might be in better shape than feared.
By contrast, a survey of purchasing managers in services and manufacturing industries in the eurozone was little changed at 45.8 in November and activity has now fallen in 14 of the past 15 months.
"There was little to drive market direction as market activity remained light during the US Thanksgiving holiday," says Kymberly Martin, market strategist at bank of New Zealand. "Generally, sentiment was fairly stable, assisted by the benign China PMI reading."
While Wall Street was closed, equity markets in Europe gained, with the UK's FTSE 100 climbing 0.7% and Germany's DAX 30 was up 0.8%.
The kiwi slipped to 63.30 euro cents from 63.50 cents and traded at 51.15 British pence from 51.09 pence. It was little changed at 78.47 Australian cents and slipped to 67.16 yen from 67.21 yen.
(BusinessDesk)
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Kiwi holds in holiday trading after positive Chinese growth data
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