The New Zealand dollar has gained from Chinese data showing its manufacturing sector was in expansion for the first time in six months.
The kiwi advanced to 87.32 US cents at 5pm in Wellington, from 86.93 cents at 8am and 86.96 cents at the New York close last week. The trade-weighted index rose to 81.16 from 81 at 8am.
The HSBC China flash purchasing manager's index (PMI) for June rose to 50.8, in a scale where a reading above 50 indicates expansion. June's reading was up from 49.4 in May and exceeded the forecast of 49.7.
China is New Zealand's biggest trading partner, with NZ exports totalling $11.4 billion in the year ended April 30.
"The manufacturing data out of China has really given us another boost to the upside as world growth comes into focus at the beginning of this week," said Stuart Ive, senior dealer at OMF.
"The Chinese data is the best in six months and it does play out that commodity currencies will get a boost from it."
The kiwi weakened to 92.50 Australian cents, from 92.63 at 8am and 92.60 cents at last week's New York close, but rose to 89.01 yen from 88.75 yen and to 64.17 euro cents from 63.94 cents.
Share
