Investing.com - " The New Zealand dollar traded higher against
its U.S. rival during Thursday's Asian session following the
release of encouraging domestic and Chinese data.
In Asian trading Thursday, NZD/USD jumped 0.49% to 0.8434. The pair
was likely to find support at 0.8358, the low of October 15 and
resistance at 0.8520, the session high.
Earlier Thursday, Statistics New Zealand said the country's trade
deficit dropped to NZD199 million in September from NZD1.91 billion
in August. Economists expected a September deficit of NZD680
Exports jumped to NZD543 million to NZD3.83 billion in August -
topping estimates for NZD3.46 billion and up from NZD3.33 billion
in the previous month.
Imports fell NZD48 million NZD4.03 billion below the estimate of
NZD4.13 billion. For the year ending September, New Zealand's trade
deficit is NZD1.56 billion, well below the estimate of NZD2.073
Earlier Thursday in China, the HSBC China flash PMI climbed to a
seven-month high of 50.9 in October. The HSBC final PMI reading for
September was 50.2, well below the flash estimate of 51.2. China,
the world's second-largest economy, is Australia's largest export
The flash PMI reading for October "implies that China's growth
recovery is becoming consolidated into 4Q following the bottoming
out in 3Q. This momentum is likely to continue in the coming
months, creating favorable conditions for speeding up structural
reforms," according to HSBC.
Output, new orders and new export orders all increased at faster
clips, but the employment index fell. Input and output prices rose,
but at slower rates. China is New Zealand's largest export market.
Elsewhere, NZD/JPY climbed 0.46% to 82.14 while AUD/NZD fell 0.13%
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