Investing.com - The New Zealand dollar traded higher against its U.S. rival during Monday’s Asian session as traders awaited a reading of China’s second-quarter economic growth.
In Asian trading Monday, NZD/USD rose 0.25% to 0.7797 after tumbling 1% last Friday, but still closing the week with a 0.9% gain.
The pair is likely to find support at 0.7716, the low from June 26 and resistance at 0.7857, the high from July 4.
Aussie and kiwi traders are focused on the China GDP data as various banks have been paring their 2013 GDP growth targets for the world’s second-largest economy amid a spate of disappointing data points and Monday’s GDP reading could go a long way to affirming investors’ skittishness about Chinese equities.
Recently, Macquarie Group slashed its 2013 forecast for Chinese GDP growth to 6.9% from 7.5%, the government target.
Last week, the kiwi came under pressure after China's finance minister said on Friday he expected growth in the world's second-largest economy to come in at 7% this year, below the government's official forecast of 7.5%.
Official data released Wednesday showed that Chinese exports fell unexpectedly in June from a year earlier, fueling concerns over a slowdown in global demand.
In New Zealand the performance services index for June is scheduled to be published later Monday.
Elsewhere, AUD/NZD inched down 0.05% to 1.1632. China is the largest export market for both Australia and New Zealand. NZD/JPY rose 0.25% to 77.38. Japanese markets are closed today.
In Asian trading Monday, NZD/USD rose 0.25% to 0.7797 after tumbling 1% last Friday, but still closing the week with a 0.9% gain.
The pair is likely to find support at 0.7716, the low from June 26 and resistance at 0.7857, the high from July 4.
Aussie and kiwi traders are focused on the China GDP data as various banks have been paring their 2013 GDP growth targets for the world’s second-largest economy amid a spate of disappointing data points and Monday’s GDP reading could go a long way to affirming investors’ skittishness about Chinese equities.
Recently, Macquarie Group slashed its 2013 forecast for Chinese GDP growth to 6.9% from 7.5%, the government target.
Last week, the kiwi came under pressure after China's finance minister said on Friday he expected growth in the world's second-largest economy to come in at 7% this year, below the government's official forecast of 7.5%.
Official data released Wednesday showed that Chinese exports fell unexpectedly in June from a year earlier, fueling concerns over a slowdown in global demand.
In New Zealand the performance services index for June is scheduled to be published later Monday.
Elsewhere, AUD/NZD inched down 0.05% to 1.1632. China is the largest export market for both Australia and New Zealand. NZD/JPY rose 0.25% to 77.38. Japanese markets are closed today.