Kiwi holds in holiday trading after positive Chinese growth data

The New Zealand dollar stayed within its recent range in quiet trading with US markets closed for the Thanksgiving Day holiday and after figures showed Chinese manufacturing is growing again.

The kiwi slipped to 81.46 US cents from 81.55 cents at 5pm in Wellington yesterday. The trade-weighted index fell to 73.21 from 73.30.

China's HSBC managers' index indicated industrial production is growing this month, with a preliminary reading of 50.4. That marked the first expansion in 13 months and helped bolster hopes that the world's second-largest economy might be in better shape than feared.

By contrast, a survey of purchasing managers in services and manufacturing industries in the eurozone was little changed at 45.8 in November and activity has now fallen in 14 of the past 15 months.

"There was little to drive market direction as market activity remained light during the US Thanksgiving holiday," says Kymberly Martin, market strategist at bank of New Zealand. "Generally,  sentiment was fairly stable, assisted by the benign China PMI reading."

While Wall Street was closed, equity markets in Europe gained, with the UK's FTSE 100 climbing 0.7% and Germany's DAX 30 was up 0.8%.

The kiwi slipped to 63.30 euro cents from 63.50 cents and traded at 51.15 British pence from 51.09 pence. It was little changed at 78.47 Australian cents and slipped to 67.16 yen from 67.21 yen.

(BusinessDesk)

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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7874 0.0046 0.59%
AUD 0.8929 -0.0012 -0.13%
EUR 0.6207 0.0019 0.31%
GBP 0.4892 0.0009 0.18%
HKD 6.1087 0.0367 0.60%
JPY 84.9610 0.3140 0.37%

Commods

Commodity Price Change Time
Gold Index 1228.6 -9.570 2014-10-23T00:
Oil Brent 86.8 0.380 2014-10-23T00:
Oil Nymex 82.0 1.530 2014-10-23T00:
Silver Index 17.1 -0.073 2014-10-23T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5292.8 0.77%
NASDAQ 4459.5 4470.1 4452.8 0.15%
DAX 9008.6 9044.9 9047.3 -0.70%
DJI 16677.0 16740.6 16677.9 0.16%
FTSE 6419.1 6419.1 6419.1 -0.57%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%