NZ Dollar Climbs After China Data
18 January 2018 - 4:43PM
RTTF2
The NZ dollar advanced against its major counterparts in early
European deals on Thursday, as strong Chinese GDP data and improved
corporate earnings lifted investor sentiment.
The Chinese economy grew an annual 6.9 percent in 2017, up from
6.7 percent in 2016 and marking the first expansion in seven
years.
Industrial output accelerated slightly in December, while retail
sales slowed and fixed-asset investment remained unchanged,
separate reports showed.
Investors focus on developments in Washington, where law makers
are struggling to finalize a funding bill to avert a government
shutdown on January 19.
In economic releases, data from the Real Estate Institute of New
Zealand showed that New Zealand's house prices increased in
December from a year ago, while the volume of sales decreased
notably.
The national median house price index climbed 5.8 percent
year-over-year to NZ$550,000 in December. Median prices increased
1.9 percent, month-on-month.
The currency has been trading higher against its major rivals in
the Asian session.
The kiwi hit a 2-day high of 1.0922 against the aussie, after
having dropped to 1.0985 at 7:30 pm ET. If the kiwi rises further,
1.08 is possibly seen as its next resistance level.
Data from the Australian Bureau of Statistics showed that
Australia's unemployment rate rose a seasonally adjusted 5.5
percent in December.
That was above forecasts for 5.4 percent, which would have been
unchanged from November.
The kiwi strengthened to a 9-day high of 81.22 against the yen,
from a low of 80.67 hit at 7:30 pm ET. The kiwi is seen finding
resistance around the 82.00 region.
Figures from the Ministry of Economy, Trade and Industry showed
that Japan's industrial production increased less than initially
estimated in November.
Industrial production rose at a stable rate of 0.5 percent
month-over-month in November, just below the 0.6 percent increase
reported earlier.
The kiwi advanced to a 6-day high of 1.6716 against the euro,
from a low of 1.6821 hit at 7:30 pm ET. The next possible
resistance for the kiwi is seen around the 1.66 mark.
Bouncing off from an early low of 0.7246 against the greenback,
the kiwi edged up to 0.7304. On the upside, 0.745 is possibly seen
as the next resistance for the kiwi.
Looking ahead, U.S. building permits and housing starts for
December and weekly jobless claims for the week ended January 13
are set for release in New York session.
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