Kiwi Advances After New Zealand Trade Data

01:33, 27th November 2014

(RTTNews) - The NZ dollar strengthened against the other major currencies in the Asian session on Thursday after data showed that New Zealand's exports advanced more-than-expected in October.

Data from Statistics New Zealand showed that New Zealand's exports were NZ$4.03 billion, beating expectations for a NZ$3.85 billion and up from NZ$3.61 billion in the previous month.

Imports surged an annual 12 percent to NZ$4.94 billion versus forecasts for NZ$4.60 billion but down from NZ$4.98 billion a month earlier.

New Zealand saw a merchandise trade deficit of NZ$908 million in October. That was well shy of forecasts for a shortfall of NZ$642 million following the NZ$1.367 billion deficit in September.

In the New York session, the NZ dollar was slightly lower against its most major rivals. Nevertheless, the NZ dollar showed mixed trading on Wednesday. While, the NZ dollar held steady against the yen and the euro, it rose against the U.S. dollar.

In the Asian trading, the NZ dollar rose to a 6-day high of 0.7918 against the U.S. dollar, from yesterday's closing quote of 0.7865. If the kiwi extends its uptrend, it is likely to find resistance around the 0.798 area.

Against the yen and the euro, the kiwi advanced to a 2-day high of 92.92 and a 3-day high of 1.5795 from yesterday's closing quotes of 92.62 and 1.5869, respectively. The kiwi is likely to find resistance around 93.85 against the yen and 1.56 against the euro.

Looking ahead, German unemployment data for November, Eurozone M3 money supply data for October,economic sentiment index for November and GfK consumer sentiment index for December are due to be released in the European session.

In the New York session, German preliminary CPI data for November and Canadian current account data for third quarter are due to be released.

U.S. financial markets are closed in observance of Thanksgiving day holiday.