Forex - NZD/USD rises on Chinese GDP report

A A A - The New Zealand dollar rose against its U.S. counterpart on Monday, after data showed that the Chinese economy expanded in line with expectations in the second quarter.

NZD/USD hit 0.7827 during late Asian trade, the session high; the pair subsequently consolidated at 0.7807, gaining 0.40%.

The pair was likely to find support at 0.7710, the low of July 3 and resistance at 0.7879, the high o July 12.

Official data showed that Chinese gross domestic product expanded 7.5% in the second quarter from a year earlier, following growth of 7.7% in the three months to March and in line with expectations.

Separate reports showed that Chinese retail sales rose to 13.3% on a year-over-year basis in June, up from 12.9% in May, while industrial production declined to 8.9% in June from 9.2% the previous month.

China is New Zealand's second biggest export partner.

The kiwi was lower against the Australian dollar with AUD/NZD adding 0.11%, to hit 1.1648.

Also Monday, official data showed that new motor vehicle sales in Australia rose 4.0% in June, after a 0.3% gain the previous month.

Later in the day, the U.S. was to release official data on retail sales and the Empire State manufacturing index. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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