NZ Dollar Rises As Asian Markets Traded In Positive Territory
13 Luglio 2017 - 4:57AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Thursday, as Asian stock markets
traded in positive territory. This followed the overnight gains on
Wall Street after Federal Reserve Chair Janet Yellen's testimony
before Congress indicated that the central bank will gradually
tighten policy and also reduce the size of its $4.5 trillion
balance sheet. Also, higher commodity prices lifted resources
stocks.
The crude oil futures rose above $45 a barrel on Wednesday, as
U.S. crude oil inventories last week dropped the most in ten
months.
In other economic news, data from the General Administration of
Customs showed that China's exports increased at a
faster-than-expected pace in June.
Similarly, imports surged 17.2 percent in June from a year ago,
bigger than the expected growth of 14.5 percent.
In dollar terms, exports grew 11.3 percent year-over-year in
June, faster than the 8.9 percent rise economists had forecast.
The trade surplus totaled $42.8 billion in June versus the
expected surplus of $42.6 billion.
Data from ANZ Bank showed that the consumer confidence in New
Zealand slowed in July. The bank's consumer confidence index fell
1.9 percent on month to a score of 125.4.
Data from Statistics New Zealand showed that food prices in New
Zealand were up an unadjusted 0.2 percent on month in June.
Seasonally adjusted, food prices slid 0.3 percent. On a yearly
basis, food prices climbed 3.0 percent after rising 3.1 percent in
the previous month.
Data from the Real Estate Institute of New Zealand showed that
New Zealand's house prices increased in June from a year ago, while
the volume of sales plunged. The national median house price index
rose 5.8 percent year-over-year to NZ$529,000 in June. However,
median prices dropped 1.0 percent, month-on-month.
On a seasonally adjusted basis, national median prices grew 6.3
percent in June from a year ago.
Wednesday, the NZ dollar showed mixed trading against its major
rivals. While the kiwi fell against the euro, the yen, and the
Australian dollar, it rose against the U.S. dollar.
In the Asian trading, the NZ dollar rose to a 6-day high of
0.7297 against the U.S. dollar, from yesterday's closing value of
0.7259. The kiwi may test resistance around the 0.74 region.
Against the yen, the euro, and the Australian dollar, the kiwi
advanced to 2-day highs of 82.42, 1.5671 and 1.0546 from
yesterday's closing quotes of 82.14, 1.5719 and 1.0574,
respectively. If the kiwi extends its uptrend, it is likely to find
resistance around 84.00 against the yen, 1.52 against the euro and
1.03 against the aussie.
Looking ahead, Swiss PPI for June is due to be released at 3:15
am ET.
In the New York session, Canada new housing price index for May,
U.S. PPI for June and U.S. weekly jobless claims for the week ended
July 8 are slated for release.
At 10:00 am ET, Federal Reserve Chair Janet Yellen is expected
to testify on the Semiannual Monetary Policy Report before the
Senate Banking Committee, in Washington DC.
At 11:30 am ET, Federal Reserve Bank of Chicago President
Charles Evans is expected to speak about the economy and monetary
policy at the Annual Rocky Mountain Economic Summit in Idaho,
U.S.
At 1:00 pm ET, Federal Reserve Governor Lael Brainard is
scheduled to speak about monetary policy at the National Bureau of
Economic Research, in Massachusetts.
At 2:00 pm ET, U.S. Federal monthly budget statement is slated
to publish.
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