Forex - New Zealand dollar steady, supported by China trade data
Investing.com
Published Jan 13, 2015 02:54AM ET
New Zealand dollar steady as Chinese trade data lends support
Investing.com - The New Zealand dollar was steady against the U.S. dollar on Tuesday as Chinese trade data supported market sentiment, offsetting concerns over a rout in oil prices.
NZD/USD was trading at 0.7782, off Monday’s lows of 0.7735.
China reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports rebounded in December, rising 9.7% but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.
The report boosted the commodity-exposed Australian and New Zealand dollars, which have come under heavy selling pressure amid the steep selloff in oil prices.
Crude oil prices fell to almost six-year lows on Monday, pressured lower by concerns over a global supply glut. The rout in oil prices has fuelled concerns of exacerbating already low levels of inflation in many major world economies, sending investors into safe haven assets.
The kiwi was steady against the yen, with NZD/JPY little changed at 92.08 and was slightly lower against the Aussie, with AUD/NZD rising 0.18% to 1.0499.
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