Friday, March 14, 2008

Kiwi dollar at two-week high versus US dollar

The kiwi dollar rose to a two-week high against the greenback yesterday. It closed at US80.65c, after peaking overnight near $US80.90c.

In other news today:

* Statistics New Zealand figures show that food prices rose 5.2 percent in the year to February. In the past month alone, the price of milk has gone up by 4 percent and the price of bread by 3.4 percent.

* The manufacturing sector suffered its fourth consecutive drop in growth in February. The seasonally adjusted Bank of New Zealand-Business New Zealand performance of manufacturing index (PMI) was 52.2, one point down from January. The PMI average is 54.5 since it began in 2002. A PMI reading above 50 indicates that manufacturing is generally expanding. A reading below 50 shows that it is declining. The exchange rate remains "a great obstacle" for manufacturers, says Business New Zealand chief executive Phil O'Reilly.

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