NZD/USD trades around 0.5860 on Friday, down 0.33% on the day, as investors react to another deterioration in Chinese business activity. China, New Zealand’s largest trading partner, reported that the official NBS Manufacturing Purchasing Managers Index (PMI) fell to 49.2 in July from 50.3 previously, missing the 50 market consensus. The Non-Manufacturing PMI also declined to 49 from 50.2, pointing to a broader slowdown in economic activity.
The weak Chinese data overshadowed more encouraging developments in New Zealand. The ANZ-Roy Morgan Consumer Confidence Index rose by eight points to 99.3 in July, its highest level since February…
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