Australian Dollar Trims Earlier Loss After China Manufacturing Report

The Australian dollar trimmed an earlier decline after a report indicated that Chinese manufacturing expanded in January.

The Australian currency fetched $1.0613 at 12:06 p.m. in Sydney from $1.0605 before the release and $1.0621 yesterday in New York.

A purchasing managers’ index for Chinese manufacturing unexpectedly rose to 50.5 in January from 50.3 the month before. The median estimate in a Bloomberg survey of economists was for the PMI to fall to 49.6. Figures below 50 indicate contraction.

The New Zealand dollar strengthened briefly before trading at 82.49 U.S. cents. It fetched 82.51 before the release and 82.68 yesterday.

China is Australia’s largest trading partner and New Zealand’s second-biggest export destination.

To contact the reporter on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net

To contact the editor responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net

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