The performance of the New Zealand dollar did not differ from that of other growth-related currencies. In other words, the kiwi, as the New Zealand currency is nicknamed, was rising on the back of the positive market sentiment.
The major reason for the traders’ mood to be upbeat was the release of Chinese trade data, which was surprisingly good, during the Asian trading session. Imports advanced 10 percent in January from a year ago, compared to the median forecast of 4 percent. Exports jumped as much as 10.6 percent versus the analysts’ estimate of 0.1 percent. As a result, the Chinese trade balance demonstrated the biggest surplus since January 2009.
All in all, commodity currencies were strong today. Forex market participants will continue to listen to US policy makers to predict future monetary policy actions and their guesses should affect currencies’ behavior noticeably.
NZD/USD was up from 0.8319 to 0.8350 as of 6:54 GMT today. EUR/NZD dropped from 1.6386 to 1.6335, while NZD/JPY advanced from 85.38 to 85.53.
If you have any questions, comments or opinions regarding the New Zealand Dollar,
feel free to post them using the commentary form below.
