Forex - NZD/USD hits 5-month high on Asian growth hopes
Investing.com
Published Apr 14, 2011 03:16AM ET
NZD/USD hit 0.7956 during late Asian trade, the pair’s highest since November 5; the pair subsequently consolidated at 0.7924, gaining 0.41%.
The pair was likely to find support at 0.7823, Wednesday’s low and resistance at 0.7973, the high of November 5 and a multi-year high.
Earlier in the day, Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated.
The Phoenix report came a day ahead of the data’s official release.
China is New Zealand’s second largest trading partner.
Elsewhere, Singapore reported that its economy grew 23.5% in the first quarter on an seasonally-adjusted annualized basis, far outstripping even the most optimistic forecasts.
Meanwhile, the kiwi edged slightly higher against the yen, with NZD/JPY easing up 0.02%to hit 66.19.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.
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Written By: Investing.com
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