Investing.com – The New Zealand dollar surged to a 3-week high against its U.S. counterpart on Wednesday, after official data showed that China's exports and imports exceeded expectations in February.
During European morning trade, NZD/USD shot up to 0.7075, its highest rate since Feb. 17; the pair subsequently consolidated around 0.7062, jumping 0.47%.
NZD/USD was likely to find short-term resistance at 0.7177, the high of Jan. 22, and support at 0.6807, the low of Feb. 5 and an 11-month low.
The kiwi also soared against sterling, with GBP/NZD shedding 1.16% to hit 2.1086.
Earlier in the day, China said its exports rose 45.7% in February from a year earlier, the third monthly increase and the biggest gain since February 2007, boosting commodity-linked currencies such as New Zealand's kiwi.