Janet Yellen, the Federal Reserve Chairwoman, made comments that there is still 'considerable slack' in the labour market. This remark, coupled together with manufacturing data from China has caused the kiwi to rise against the greenback, bringing it close to 31-month highs.
The NZD/USD moved up 0.10% to 31-month highs after official data from China showed that the manufacturing purchasing managers' index inched up 0.1 to 50.3. However, a separate report shows that China's HSBC manufacturing PMI has fallen to the weakest level in over 18-months to 48.0.
The AUD/NZD has had very little change with a slight rise of 0.03
%The Reserve Bank of Australia decided to keep its interest rate at 2.50%, a record low. "The decline in the exchange rate from its highs a year ago will assist in achieving balanced growth in the economy, but less so than previously as a result of the rise over the past few months" RBA Governor Glenn Stevens said, commenting on this widely expected decision, and added that borrowing costs were likely to remain low for an extended period of time.
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