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13 Apr 2015
NZD/USD lower still up on Chinese data
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7487 with a high of 0.7538 and a low of 0.7467.
NZD/USD dropped on the back of the Chinese data, following suit of its neighbouring currency, the Aussie. The Aussie was punished very hard, from the upper quarter of the 0.78 handle down to test the support at the figure in a rapid sell off. The Kiwi dropped the 0.75 handle and tested 0.7470, scoring a couple of pips below and stablised there before meeting some demand back in to the 80's.
The numbers were a big miss, and came in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms). Meanwhile, analysts at HSBC explained that the level of currency still a worry: "Growth in New Zealand remains the highest in the OECD. This should lend a hand to the currency although fear is developing that the exports could be harmed if the currency remains elevated relative to its trading partners."
NZD/USD dropped on the back of the Chinese data, following suit of its neighbouring currency, the Aussie. The Aussie was punished very hard, from the upper quarter of the 0.78 handle down to test the support at the figure in a rapid sell off. The Kiwi dropped the 0.75 handle and tested 0.7470, scoring a couple of pips below and stablised there before meeting some demand back in to the 80's.
The numbers were a big miss, and came in the form of China'sTrade Balance (Mar). This saw CNY 18.8 bln vs exp CNY 250.0 bln, with exports -14.6% y/y (in yuan terms), while imports were -12.3% y/y (yuan terms). Meanwhile, analysts at HSBC explained that the level of currency still a worry: "Growth in New Zealand remains the highest in the OECD. This should lend a hand to the currency although fear is developing that the exports could be harmed if the currency remains elevated relative to its trading partners."