Investing.com - New Zealand’s dollar is trading higher against its U.S. rival despite a batch of tepid economic data reports from some of New Zealand’s top trading partners.
In Asian trading Friday, NZD/USD rose 0.28% to 0.8272. The pair was likely to find support at 0.8254, the session low on Thursday and resistance at 0.8353, the high of February 26.
The Kiwi gained strength after oficial data showed China’s February PMI fell to 50.1 from 50.4 in January. Economists expected a February reading of 50.5. Readings above 50 signal expansion, though China’s reading is barely in expansion territory.
Traders also bid the New Zealand dollar higher against the greenback following a spate of Japanese data points. Japan’s Statistics Bureau said the country’s national core CPI was unchanged at -0.2% in February. Economists expected the unchanged reading. Tokyo’s core CPI fell to -0.6% from 0.5% in the prior month. Analysts expected the -0.6% reading.
In a separate report, the Statistics Bureau said that Japanese household spending climbed 2.4% compared with a January reading of -0.3%. Economists expected February growth of just 0.3%.
A report by the Ministry of Finance said that Japanese capital spending plunged -8.7% in the fourth quarter from 2.2% in the third quarter. Analysts had expected Japanese capital spending to fall to -7% in the fourth quarter.
The Statistics Bureau added that Japan’s unemployment rate is still 4.2%. Japan is Asia’s second-largest economy behind China. Japan and China are two of New Zealand’s top trading partners.
The Kiwi was fairly strong in Thursday’s U.S. session after a report showed that the ANZ business confidence index for New Zealand improved to 39.4 in February, from a reading of 22.7 the previous month.
Elsewhere, NZD/JPY rose 0.41% to 76.67 while EUR/NZD fell 0.14% to 1.5809. AUD/NZD is off 0.11% at 1.2371.
In Asian trading Friday, NZD/USD rose 0.28% to 0.8272. The pair was likely to find support at 0.8254, the session low on Thursday and resistance at 0.8353, the high of February 26.
The Kiwi gained strength after oficial data showed China’s February PMI fell to 50.1 from 50.4 in January. Economists expected a February reading of 50.5. Readings above 50 signal expansion, though China’s reading is barely in expansion territory.
Traders also bid the New Zealand dollar higher against the greenback following a spate of Japanese data points. Japan’s Statistics Bureau said the country’s national core CPI was unchanged at -0.2% in February. Economists expected the unchanged reading. Tokyo’s core CPI fell to -0.6% from 0.5% in the prior month. Analysts expected the -0.6% reading.
In a separate report, the Statistics Bureau said that Japanese household spending climbed 2.4% compared with a January reading of -0.3%. Economists expected February growth of just 0.3%.
A report by the Ministry of Finance said that Japanese capital spending plunged -8.7% in the fourth quarter from 2.2% in the third quarter. Analysts had expected Japanese capital spending to fall to -7% in the fourth quarter.
The Statistics Bureau added that Japan’s unemployment rate is still 4.2%. Japan is Asia’s second-largest economy behind China. Japan and China are two of New Zealand’s top trading partners.
The Kiwi was fairly strong in Thursday’s U.S. session after a report showed that the ANZ business confidence index for New Zealand improved to 39.4 in February, from a reading of 22.7 the previous month.
Elsewhere, NZD/JPY rose 0.41% to 76.67 while EUR/NZD fell 0.14% to 1.5809. AUD/NZD is off 0.11% at 1.2371.