NEW YORK: The New Zealand dollar jumped on strong Chinese monetary information, after skidding on reports of German worries at the European Central Bank’s quantitative easing plans.
China released a raft of economic data this afternoon including better than expected manufacturing figures, which boosted both the New Zealand and Australian dollars.
The kiwi rose from US77.3cents to US77.7c after the data was released at 2.30pm, but it has since slipped back to US77.5c.
It had a similar move against the euro, lifting €0.2c to €67c before dropping, and had little change against the Australian dollar, hovering around A94.7c.
Earlier today the kiwi fell on fears Europe’s money-printing plans could be watered down.
The bank is widely expected to announce a new government bond-buying policy on Friday morning (NZ time), with speculation it will buy up to €500 billion including monthly purchases of between €20b and €40b.
However, Germany’s central bank the Bundesbank is reportedly trying to limit the size and scope of the programme, or to have decisions on key elements of the programme delayed beyond this week.
A major German newspaper has also campaigned against quantitative easing, warning it would cause a big decrease in the value of the euro.
News of German concerns weighed on the New Zealand dollar, which had been trading near its record high against the euro overnight.
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