FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote Bank, notes that in New Zealand, food prices kept the pressure high on inflation levels as they contracted 1.2%m/m in October compared to a decline of 0.5% in the previous month.
Key Quotes
“Separately, the manufacturing sector expanded in October but is losing momentum. The index fell to 53.3 from 55 in September as the economy continues to adjust to a new environment of persistently low commodity prices and weaker global demand.”
“Overall, the data were mixed and didn’t allow NZD/USD to pick up a clear direction. The Kiwi is trading closely to the key level standing at 0.6567 (Fib. 50% on September-October 2015). On the downside, the level at 0.6489 (Fib. 61.8%) will continue to support the pair in the absence of significant news.”
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