NZD / USD Skyrocketing Ignore New Zealand Political Uncertainty
NEW YORK - The New Zealand dollar climbed to a one-week high in Friday's trading session (13 / Oct) this morning against the US Dollar. The NZD / USD rise came after the New Zealand Manufacturing Business Index report continued to expand amid the country's political uncertainty after the Sept. 23 election.
Recorded, the fall in the New Zealand Manufacturing Business Index was only 0.4 percent, so the index level after seasonally adjusted for September was still at the range of 57.5. The index above 50 is an expansion category, and New Zealand has maintained it since October 2012.
"The performance of the manufacturing index for September is still strong, as is the index in August," said Craig Ebert, senior economist at Bank of New Zealand who published the data. He added that the data, in addition to being a good long-term average, also proves that New Zealand's manufacturing business is still robust despite the uncertain political conditions.
Kiwi Exclude Uncertainty
Following the report, NZD / USD gained on trading at 0.7134 at 8 am Wellington time. While the news is written at 10:02 pm, NZD / USD still adds up and trades at the price of 0.7141.
The market is waiting for US inflation data to be published later in the night. In the minutes of the FOMC yesterday, the slowdown in US inflation is of particular concern to policy makers at the central bank, so data tonight will be the concern of investors to give clues about rising US interest rates.
Meanwhile, from within New Zealand itself, the election-winning party that still can not be determined, becomes the biggest obstacle to the current Kiwi State. The party ranks in New Zealand, will hold a meeting again this week.
According to Sharon Zollner, senior economist of Bank ANZ, New Zealand Dollar seems to completely rule out political uncertainty that outperformed the Greenback. Technically, NZD / USD approaches the 200-day MA level near 0.7160
http://www.seputarforex.com/nzdusd-melejit-abaikan-ketidakpastian-politik-new-zealand-280569-11