NZ Dollar Rises As Asian Shares Traded Higher
03 Luglio 2023 - 4:07AM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Monday, as Asian stock markets
traded higher in reaction to the unexpected cooler-than-expected
U.S. inflation for May.
While economists generally still expect the U.S. Fed to raise
interest rates by another quarter point next month, the inflation
data has added to optimism the central bank will not follow through
with additional rate hikes.
The miners also pushed the stock market higher amid improved
commodity prices.
In economic news, data from Statistics New Zealand showed that
the total number of building permits issued in New Zealand in May
was down a seasonally adjusted 2.2 percent on month in May,
following the 2.6 percent drop in April.
The annual value of non-residential building work consented was
NZ$9.9 billion, up 10 percent from the year ended May 2022.
Data from Caixin showed that the manufacturing sector in China
continued to expand in June, albeit at a slower pace, with a
manufacturing PMI score of 50.5.
That's down from 50.9 in May although it remains above the
boom-or-bust line of 50 that separates expansion from
contraction.
In the Asian trading today, the NZ dollar rose to 6-day highs of
1.7749 against the euro and 88.89 against the yen, from Friday's
closing quotes of 1.7765 and 88.51, respectively. If the kiwi
extends its uptrend, it is likely to find resistance around 1.74
against the euro and 90.00 against the yen.
Against the U.S. and the Australian dollars, the kiwi advanced
to 5-day highs of 0.6146 and 1.0826 from last week's closing quotes
of 0.6135 and 1.0845, respectively. On the upside, 0.65 against the
greenback and 1.05 against the aussie are seen as the next
resistance levels for the kiwi.
Looking ahead, Switzerland CPI data for June is due to be
release at 2:30 am ET in the pre-European session.
In the European session, PMI reports for June from different
European economies and U.K. are slated for release.
In the New York session, U.S. ISM manufacturing PMI for June and
U.S. construction spending data for May are set to be
published.
At 8:00 am ET, European Central Bank policymaker Joachim Nagel
will deliver a speech at a financial conference in Frankfurt,
Germany.
Canadian markets are closed on account of Canada day.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Giu 2024 a Lug 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Lug 2023 a Lug 2024
