NZD/USD Fundamental Analysis September 10 The NZD/USD tumbled by 23 pips this morning against a recovering US dollar and lackluster manufacturing sales numbers from New Zealand Statistics. Sales took a major fall reporting at -3.4% against a drop of the previous month of only 0.9%. The volume decrease in meat and dairy product manufacturing is reflected in the fall of export volumes for dairy and meat products,” Statistics New Zealand industry and labor statistics manager Blair Cardno said in a statement. Figures from Statistics New Zealand showed falls of 18 percent in dairy exports and 7.1 percent in meat exports. The contamination scare of dairy exports weighed heavily on the sales numbers this month. The trend for the total manufacturing sales volume also reflected the impact of meat and dairy product manufacturing. Supportive Chinese data limited the fall after CPI and PPI printed close to expectations. China released data that showed producer price deflation easing. The producer price index in August fell 1.6 percent from a year earlier, compared to a 2.3 percent on-year fall in July. The consumer price index for the month rose an annualized 2.6 percent, in line with expectations. The figures came after data at the weekend showed Chinese exports rose a stronger-than-expected 7.2 percent on-year in August. Investors will be scrutinizing industrial output, fixed asset investment and retail sales data on Tuesday for signs that the world’s second-biggest economy is stabilizing after a slowdown.
Posted on: Mon, 09 Sep 2013 09:12:17 +0000
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