NZD/USD extends north-run to fresh 32-month high above 0.7200 after China PMI

NZD/USD rises to a fresh all-time high of 0.7234 after China’s National Bureau of Statistics (NBS) released official activity data for December during early Thursday. Other than the data from one of the biggest customers, the kiwi pair also cheers US dollar weakness and cautious optimism of the markets.

China’s NBS Manufacturing PMI almost matched 52.0 forecast with 51.9 figures, versus 52.4 prior, whereas Non-Manufacturing PMI rose past-52.4 expected and 56.4 prior to 55.7. Following the data, Antipodeans ignore mild weakness in the headline Manufacturing PMI while cheering the upbeat Non-Manufacturing data.

Read: China NBS Manufacturing PMI eases to 51.9 in December, AUD/USD crosses 0.7700

Other than the statistics, the market’s optimism to tackle the deadlock over the $2,000 paycheck in the US joins the coronavirus (COVID-19) vaccine optimism to keep the risks positive.

That said, S&P 500 Futures seesaw near the record high flashed earlier in the week while printing 0.10% intraday gains to 3,728. Though, New Zealand’s NZX consolidates recent gains with 0.80% losses on a day by press time.

Adding to the negative reason for the current mood could be the covid developments in the US and the UK as well as America’s sending of two guided missiles and bombardiers to the Middle East and Taiwan Strait.

Looking forward, US Weekly Initial Jobless Claims, expected 833K versus 803K prior, for the week ended on December 25 will decorate the economic calendar ahead of closing the year 2020.

Technical analysis

Having successfully cleared the 0.7200 upside hurdle, NZD/USD bulls are up for challenging the April 2018 peak near 0.7400. Though, the late-March 2018 top close to 0.7305 can offer an intermediate halt during the uptrend.