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Forex News: NZ Dollar Advances After Trump Delays Tariff Deadline

NZ Dollar Advances After Trump Delays Tariff Deadline

02/25/2019 - 02:07:00 (RTTNews)

(RTTNews) - The New Zealand dollar strengthened against its major counterparts in the Asian session on Monday amid risk appetite, as U.S. President Trump agreed to extend the March 1 deadline to raise proposed tariffs on Chinese imports.

Trump tweeted that both sides had made "substantial progress" on structural issues in weekend talks, prompting him to delay the U.S. hike in tariffs scheduled on March 1.

Trump said that he would plan a summit with Chinese President Xi Jinping at his Mar-a-Lago resort in Florida to conclude an agreement.

Data from Statistics New Zealand showed that New Zealand retail sales advanced a seasonally adjusted 1.7 percent on quarter in the fourth quarter of 2018.

That surpassed expectations for an increase of 0.5 percent following the upwardly revised 0.3 percent gain in the three months prior.

The kiwi strengthened to a 5-day high of 0.6883 against the greenback, from last week's closing value of 0.6843. On the upside, 0.70 is possibly seen as its next resistance level.

The New Zealand currency that ended Friday's trading at 75.72 against the yen strengthened to a 5-day high of 76.23. If the kiwi rises further, 77.5 is likely seen as its next resistance level.

Data from the Bank of Japan showed that Japan producer prices rose 1.1 percent on year in January - in line with expectations and unchanged from the previous month.

On a monthly basis, producer prices sank 0.5 percent after sliding 0.1 percent in December.

The kiwi appreciated to a 5-day high of 1.6486 against the euro, from a low of 1.6541 hit at 6:00 pm ET. The next possible resistance for the kiwi is seen around the 1.64 region.

The kiwi rose back to 1.0392 against the aussie and held steady thereafter. The kiwi had already set a 6-day high of 1.0387 against the aussie at 5:00 pm ET. The pair finished last week's trading at 1.0404.

Looking ahead, at 5:00 am ET, the Bank of England Governor Mark Carney is set to hold a press conference in London.

In the New York session, U.S. wholesale inventories for December are due.

Federal Reserve Governor Richard Clarida will participate in a moderated discussion titled "Fed Listens: A Conversation with Community Leaders in Southern Dallas" in Texas at 11:00 am ET.

For comments and feedback: contact editorial@rttnews.com

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