The New Zealand dollar tumbled Monday as disappointing Chinese manufacturing activity pulled commodity prices down.
On Friday, China’s Caixin purchasing managers index (PMI) dropped to 48.2 from 49.4. The CRB commodities index slid 0.9% to a six-year low.
The kiwi stood at 59.81 euro cents from Friday’s 59.98 euro cents, and 65.71 US cents from 65.81 US cents.
Global commodity prices have been pushing all commodity currencies down. “The question is if and when commodity prices will find a base,” said ANZ’ Mark Smith and Sam Tuck.
The material has been provided by InstaForex Company – www.instaforex.com