NZ dollar rises after weaker-than-expected US manufacturing

Mon, 02 Jul 2012

By Hannah Lynch July 03 (BusinessDesk) - The New Zealand dollar rose after manufacturing data in the US unexpectedly shrank for the first time in three years, highlighting the relative strength of the Australasian economies. The New Zealand dollar rose to 80.42 US cents at 8am from 80.05 cents at 5pm yesterday. The trade weighted index increased to 72.52 from 72.30. US manufacturing fell to 49.7 in June on a scale where a reading below 50 shows a contraction. Major northern hemisphere economies are cutting interest rates or keeping them ne...

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