NZ dollar falls as concerns over China weigh on commodities 23 Sep 2015
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NZ dollar falls as concerns over China push down commodity prices, VW weighs on euro
By Paul McBeth
Sept. 23 (BusinessDesk) - The New Zealand dollar fell, following commodity prices lower, as investors remained nervous about weakness in the Chinese economy ahead of a manufacturing gauge released today.
The kiwi declined to 62.88 US cents at 8am in Wellington from 63.14 cents yesterday. The trade-weighted index edged lower to 68.36 from 68.43 yesterday.
The Thomson Reuters/Core Commodity CRB Index, a measure of 19 commodity prices, fell 1 percent to 194.8 as investors weigh up the strength of China's economy, which has been slowing in recent months on reduced industrial production and a slow transition to consumer-driven growth. Traders will get an update on how quickly China is winding back production with the Caixin purchasing managers' index measure of manufacturing activity today.
"As the focus of concern appears to remain squarely on China, global commodity prices resumed their fall," Bank of New Zealand senior market strategist Kymberly Martin said in a note. The Caixin China manufacturing PMI "will be the next big test for both the AUD and NZD."
Martin said the manufacturing gauge will be important for the kiwi/Australian dollar cross, with Australian exporters more exposed to a downturn in Chinese manufacturing, and a weak print would weigh more heavily on the Aussie. The local currency was little changed at 88.67 Australian cents from 88.57 cents, and fell to 4.0080 Chinese yuan from 4.0233 yuan yesterday.
European stocks fell, weighing on the euro, as investors grew wary of the impact Volkswagen's gaming of emissions testing for its diesel vehicles will have on Germany's biggest export sector. The kiwi rose to 56.50 euro cents from 56.38 cents. Traders will also be watching manufacturing gauges in Europe to assess the strength of the region's economy.
The local currency fell to 75.51 yen from 76.05 yen yesterday, and increased to 40.89 British pence from 40.70 pence.
(BusinessDesk)
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