Investing.com - The New Zealand dollar was higher against its U.S. counterpart on Thursday, boosted by upbeat Chinese manufacturing data and a positive New Zealand trade balance report, while speculation the Federal Reserve could postpone the tapering of its asset purchases persisted.
NZD/USD hit 0.8446 during late Asian trade, the session high; the pair subsequently consolidated at 0.8426, gaining 0.41%.
The pair was likely to find support at 0.8308, the low of October 14 and resistance at 0.8520, Wednesday's high.
The preliminary reading of China’s HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5.
The data offset fears over the Chinese economy, a day after market sentiment was hit by concerns that China’s central bank would tighten monetary policy to help control inflation.
China is New Zealand's second biggest export partner.
In New Zealand, official data earlier showed that the trade deficit narrowed to NZD199 million in September, from NZD1234 million the previous month, beating expectations for a deficit of NZD730 million.
Meanwhile, the greenback remained under pressure after data earlier in the week showed that U.S. jobs growth slowed in September, cementing expectations that the Fed would continue the current pace of its asset purchase program well into next year.
The kiwi was steady against the Australian dollar with AUD/NZD inching up 0.01%, to hit 1.1463.
Later in the day, the U.S. was to release data on initial jobless claims, the trade balance and new home sales.
NZD/USD hit 0.8446 during late Asian trade, the session high; the pair subsequently consolidated at 0.8426, gaining 0.41%.
The pair was likely to find support at 0.8308, the low of October 14 and resistance at 0.8520, Wednesday's high.
The preliminary reading of China’s HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5.
The data offset fears over the Chinese economy, a day after market sentiment was hit by concerns that China’s central bank would tighten monetary policy to help control inflation.
China is New Zealand's second biggest export partner.
In New Zealand, official data earlier showed that the trade deficit narrowed to NZD199 million in September, from NZD1234 million the previous month, beating expectations for a deficit of NZD730 million.
Meanwhile, the greenback remained under pressure after data earlier in the week showed that U.S. jobs growth slowed in September, cementing expectations that the Fed would continue the current pace of its asset purchase program well into next year.
The kiwi was steady against the Australian dollar with AUD/NZD inching up 0.01%, to hit 1.1463.
Later in the day, the U.S. was to release data on initial jobless claims, the trade balance and new home sales.