NZ dollar bounces on weak US manufacturing data

Tue, 03 Sep 2019

By Rebecca Howard Sept. 4 (BusinessDesk) - The New Zealand dollar rebounded from multi-year lows after US manufacturing data disappointed. The kiwi was trading at 63.33 US cents at 8am in Wellington, up from 62.83 cents at 5pm. The trade-weighted index was at 70.86 from 70.52. The greenback “took a pummelling” when the Institute for Supply Management’s manufacturing index fell to 49.1 percent in August from 51.2 percent in July, Kiwibank trader Mike Shirley said. Any reading below 50 percent indicates a contraction in activity. The...

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