The Kiwi depreciated against the US Dollar on a fading activity in the New Zealand’s manufacturing sector. The NZD/USD currency pair dropped 0.21% or 15 base points to the 0.7291 mark, but kept trading in the 0.7300 area.
New Zealand’s manufacturing activity grew at its weakest pace in nearly five years in the last month of 2017. The Business NZ survey showed that the seasonnaly adjucted Manufacturing Index decreased to 51.2 from 57.7 in the prior month. The stark downturn in growth was mostly caused by a surprise election results, which ended the era af National Party, providing the helm for the Labour-led governemnt with uncertainties over its decisions on emmigration and foreign investment.
