Nzd Drops On Weak CpiMarket Outlook By Pepper Stone, Posted on October 24, 2014
The New Zealand dollar fell sharply yesterday after the quarterly CPI figure missed expectations. Economists had forecast a 0.5% quarterly increase in the index, however the data showed a weaker 0.3% rise. The annual change was also weak at 1%.
The Kiwi dollar declined by over one cent after the release, touching as low as 0.7795 against the US Dollar. This morning’s trade Balance figure also showed a deterioration, however that was on the back of an increase in both Imports and Exports; the trade balance was -1.35 Billion against an expected -0.620 Billion.
PMI’s released yesterday were broadly positive, with Chinese HSBC Flash Manufacturing PMI announced at 50.4 on expectations of 50.2 – the Australian Dollar rose half a cent in the following hours, but later erased all gains. European PMI’s were likewise quite strong with German Manufacturing showing a reading of 51.8 on a forecast of 49.6; this was also reflected in the Euro wide figure which showed expansion at 50.7 against expectations of 50.0. The Euro rallied half a cent on the news.
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