The latest survey from
The data indicated that a solid rise in activity at service providers and renewed output growth at manufacturers supported the faster expansion of output at the composite level. Furthermore, manufacturing output increased at the strongest pace since last November, while services activity growth was the quickest since
The NZ dollar rose to a 3-day high of 1.555 against the euro, from an early low of 1.5608. At yesterday's close, the kiwi was trading at 1.5556 against the euro. If the kiwi extends its rise, it is likely to find resistance around the 1.54 area.
Moving away from an early multi-day low of 0.8744 against the US dollar, the kiwi advanced to a 2-day high of 0.8775. The pair was quoted at 0.8770 at yesterday's close. The kiwi may find resistance around the 0.88 area.
The kiwi which ended yesterday's deals at 89.22 against the yen strengthened to a 3-month high of 89.39. This may be compared to an early low of 89.13. On the upside, 89.90 is seen as next resistance level for the kiwi.
A survey by Markit Economics showed that Japan Services PMI edged down to 49.0 in June from 49.3 in May, signaling contraction for the third consecutive month. The decrease in service sector output was driven by the recent increase in sales tax.
Looking ahead, the
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