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Forex News: NZ Dollar Climbs After China Data

NZ Dollar Climbs After China Data

01/18/2018 - 05:43:00 (RTTNews)

(RTTNews) - 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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