THE New Zealand dollar has held gains in local trading as tepid Chinese manufacturing figures failed to dent support for a currency that had gained after figures showed slower than expected US economic growth in the first quarter.
The kiwi traded at 86.13 US cents at 5pm in Wellington from 86.21 cents at 8am, up from 85.63 cents on Wednesday.
The trade-weighted index advanced to 80.01 from 79.68 on Wednesday.
China's purchasing managers' index was little changed at 50.3 in April, just below expectations, indicating a marginal expansion of industrial production in the world's second biggest economy.
The kiwi was boosted by weaker growth in the US than expected. Annualised gross domestic product expanded 0.1 per cent in the March quarter, short of the 1.2 per cent forecast by economists.
After the GDP numbers, the Federal Open Market Committee kept the key rate near zero, trimming its quantitative easing programme by $US10 billion to $45b as expected.
"That GDP figure looks very much distorted by winter," said Stuart Ive, senior client adviser at OMF in Wellington.
"If we see the growth picture improve globally, the kiwi will get bought."
He said investors' appetite for risk-sensitive assets has also been lifted by calming tensions between Russia and the West over Ukraine.
"It looks like Ukraine is going to be more a slow grind than a big bang," he said.
The kiwi gained to 88.06 yen at 5pm in Wellington from 87.65 yen on Wednesday, to 92.67 Australian cents from 92.19 cents and to 62.07 euro cents from 62.01 cents.
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