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Forex - NZD/USD up following data points

By: Investing.com
Posted: 10/23/2013 10:27:00 PM
Referenced Stocks:

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 million.

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 billion.

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 market.

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% to 1.1450.


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