Investing.com - The New Zealand dollar was trading close to a one-month high against its U.S. counterpart on Thursday, after the release of upbeat Chinese trade balance data, although investors remained cautious ahead of the European Central Bank's policy statement.
NZD/USD hit 0.8414 during late Asian trade, the pair's highest since December 18; the pair subsequently consolidated at 0.8414, adding 0.20%.
The pair was likely to find support at 0.8350, Wednesday's low and resistance at 0.8452, the high of December 18.
Official data showed that China’s trade surplus widened unexpectedly in December, adding to signs of recovery in the world’s second largest economy.
Chinese exports rose 14.1% in December from a year earlier while imports increased by 6%.
China is New Zealand's second biggest export partner.
Separately, data showed that New Zealand's trade deficit expanded unexpectedly to NZD700 million in November from a deficit of NZD666 million the previous month, disappointing expectations for an improvement to NZD645 million.
Meanwhile, the ECB was widely expected to hold off cutting rates, but some market participants expected the bank to flag the possibility of rate cuts later in the year.
The kiwi was lower against the Australian dollar with AUD/NZD rising 0.31%, to hit 1.2558.
Also Thursday, official data showed that building approvals rose 2.9% in November, far less than the expected 5% increase, after a 5.1% drop the previous month.
Later in the day, the U.S. was to release the weekly government report on initial jobless claims.
NZD/USD hit 0.8414 during late Asian trade, the pair's highest since December 18; the pair subsequently consolidated at 0.8414, adding 0.20%.
The pair was likely to find support at 0.8350, Wednesday's low and resistance at 0.8452, the high of December 18.
Official data showed that China’s trade surplus widened unexpectedly in December, adding to signs of recovery in the world’s second largest economy.
Chinese exports rose 14.1% in December from a year earlier while imports increased by 6%.
China is New Zealand's second biggest export partner.
Separately, data showed that New Zealand's trade deficit expanded unexpectedly to NZD700 million in November from a deficit of NZD666 million the previous month, disappointing expectations for an improvement to NZD645 million.
Meanwhile, the ECB was widely expected to hold off cutting rates, but some market participants expected the bank to flag the possibility of rate cuts later in the year.
The kiwi was lower against the Australian dollar with AUD/NZD rising 0.31%, to hit 1.2558.
Also Thursday, official data showed that building approvals rose 2.9% in November, far less than the expected 5% increase, after a 5.1% drop the previous month.
Later in the day, the U.S. was to release the weekly government report on initial jobless claims.