Investing.com – The New Zealand dollar climbed to a fresh five-month high against its U.S. counterpart on Thursday, as early media reports of upbeat Chinese economic data and strong growth figures from Singapore boosted hopes for growth in the region.
NZD/USD hit 0.7956 during late Asian trade, the pair’s highest since November 5; the pair subsequently consolidated at 0.7924, gaining 0.41%.
The pair was likely to find support at 0.7823, Wednesday’s low and resistance at 0.7973, the high of November 5 and a multi-year high.
Earlier in the day, Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated.
The Phoenix report came a day ahead of the data’s official release.
China is New Zealand’s second largest trading partner.
Elsewhere, Singapore reported that its economy grew 23.5% in the first quarter on an seasonally-adjusted annualized basis, far outstripping even the most optimistic forecasts.
Meanwhile, the kiwi edged slightly higher against the yen, with NZD/JPY easing up 0.02%to hit 66.19.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.
NZD/USD hit 0.7956 during late Asian trade, the pair’s highest since November 5; the pair subsequently consolidated at 0.7924, gaining 0.41%.
The pair was likely to find support at 0.7823, Wednesday’s low and resistance at 0.7973, the high of November 5 and a multi-year high.
Earlier in the day, Hong Kong's Phoenix TV, citing an unnamed source, reported higher-than-expected increases in Chinese retail sales and industrial output, but also said inflation in the world's second biggest economy had accelerated.
The Phoenix report came a day ahead of the data’s official release.
China is New Zealand’s second largest trading partner.
Elsewhere, Singapore reported that its economy grew 23.5% in the first quarter on an seasonally-adjusted annualized basis, far outstripping even the most optimistic forecasts.
Meanwhile, the kiwi edged slightly higher against the yen, with NZD/JPY easing up 0.02%to hit 66.19.
Later in the day, the U.S. was to publish government data on initial jobless claims and producer price inflation.