NZD/USD jumps above 0.7000 post-Chinese data ,risk-on mood
- NZD/USD remains on track for further upside momentum after upbeat Chinese trade data.
- China prints the largest trade surplus data in the previous five months.
- Improved risk-appetite among investors keeps Kiwi firmer against the US dollar.
NZD/USD edges higher on Tuesday in the Asian session. The pair refreshes daily highs on general risk-on sentiment and upbeat Chinese trade data.
At the time of writing, NZD/USD is trading at 0.7005, up 0.37% for the day.
Kiwi gained post upbeat Chinese trade surplus data, which showed the pace of economic recovery in Asia-pacific’s largest economic power. The trade surplus came at USD 51.53 billion in June, much higher than the market consensus of USD 44.2 billion.
Meanwhile, investors look ahead to the Reserve Bank New Zealand’s (RBNZ’s) interest rate decision, after Personal & Business Banking in New Zealand (ASB), Westpac and Bank of New Zealand (BNZ) economist projected the date in the previous week when the RBNZ is expected to increase the official cash rate (OCR).
It is worth noting that S&P 500 Futures were trading at 4,384 with 0.35% gains.
The US Dollar Index (DXY), which measures the greenback against a basket of six major rivals, slips below 92.20 with 0.11% losses.
As for now, investors are waiting for the US Consumer Price Index data to gauge the market sentiment.
NZD/USD additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
