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Forex News: NZ Dollar Higher On Strong Core Inflation Reading

NZ Dollar Higher On Strong Core Inflation Reading

07/17/2018 - 03:51:00 (RTTNews)

(RTTNews) - The New Zealand dollar climbed against its major counterparts in the Asian session on Tuesday, as a data showed that nation's core inflation measure accelerated to a 7-year high in the second quarter.

Data from Statistics New Zealand showed that core inflation improved to 1.7 percent on year in the second quarter of 2018, from 1.6 percent in the previous quarter.

Meanwhile, consumer inflation rose 0.4 percent on quarter, down from expectations of 0.5 percent, which would have been unchanged from the previous three months.

On a yearly basis, consumer prices climbed 1.5 percent - again shy of forecasts for 1.6 percent but up from 1.1 percent in the three months prior.

Data from the Real Estate Institute of New Zealand showed that New Zealand's house prices increased in June from a year ago, while sales declined.

The national median house price index climbed 5.7 percent year-over-year to NZ$560,000 in June. Month-on-month, house prices remained unchanged.

Asian stock markets were mixed, following the lackluster cues overnight from Wall Street and the plunge in crude oil prices. Investors are also cautious as they focus on the earnings and production results of major companies due this week.

The kiwi advanced to a weekly high of 0.6841 against the greenback, from Monday's closing value of 0.6777. If the kiwi continues its rise, 0.70 is possibly seen as its next resistance level.

The kiwi climbed to 76.86 against the yen, its strongest since June 18. The kiwi is likely to find resistance around the 79.00 level.

The kiwi strengthened to a 6-day high of 1.0870 against the aussie and near a 3-week high of 1.7132 against the euro, from its early low of 1.0970 and a 2-week low of 1.7324, respectively. The next possible resistance for the kiwi is seen around 1.07 against the aussie and 1.70 against the euro.

Looking ahead, U.K. ILO unemployment rate for three months ended May and claimant count rate for June are due in the European session.

In the New York session, U.S. industrial production for June and NAHB housing market index for July, as well as Canada manufacturing sales for May are scheduled for release.

At 10:00 am ET, the Fed Chairman Jerome Powell will testify before the House Financial Services Committee.

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