Forex: NZD/USD: BusinessNZ Performance of Manufacturing Index up to 56.7 points

on Dec 13, 2013
Updated: Oct 21, 2019
Listen Friday, December 13th:_ The NZD/USD yesterday opened at 0.8272, reached a high at 0.8319, but failed to overcome Monday’s and Tuesday’s highs of 0.8320 and 0.8333 respectively. Then the price started to depreciate. The US dollar strengthening against the NZ dollar was supported by better-than-expected US November Retail Sales.

Yesterday BusinessNZ released its Manufacturing Index for November, which grew to 56.7 points from the prior 55.9 and marked its twelfth consecutive month in expansion.
BusinessNZ’s executive director for manufacturing Catherine Beard says that “while all the manufacturing sub-sectors were in expansion, key sectors such as metal product manufacturing are showing stellar levels of activity, no doubt partly due to the boom in construction at present. In addition, new orders and production remain key components towards ongoing expansion in the sector, while employment levels are showing more consistent and steady growth”.

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The ANZ-Roy Morgan NZ Consumer Confidence rose by one point to 129.4 in December – its highest level since January 2010. With a seasonal adjustment, the index hit its highest point since February 2007.

The index of current conditions grew by 2.4 points to 123.8 reaching its six-year high. At the same time the future conditions index went up by 0.1 to 133.2 points.

ANZ New Zealand chief economist Cameron Bagrie says that “both augur well for the Christmas shopping period and also the wider economy”. He also added that the survey was “telling us something about the economic expansion we’re in: it has real legs and further to run”.
However, despite the positive NZ data, the price yesterday fell to a one-week low, at 0.8178. A subsequent rebound took the price to its closure level of 0.8216, which marked a 0.56 percent loss for the day.

Thus far today the price has been trading within the range 0.8212 to 0.8246 and at the moment the pair is changing hands at 0.8241.
The US economic calendar today is offering the Producer Price Index data for November at 13.30 UTC.
Resistances today: 0.8285, 0.8300 and 0.8330.
Supports today: 0.8185, 0.8165 and 0.8145.
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