News Column

NZ Dollar Falls After China Data

July 15, 2014



BRUSSELS (Alliance News) - The NZ dollar weakened against most major currencies in the Asian session on Wednesday despite data showing expansion in China GDP in the second quarter.

The National Bureau of Statistics said that China's gross domestic product expanded 7.5% on year in the second quarter of 2014. That beat forecasts for 7.4%, which would have been unchanged from the previous three months.

Industrial production climbed 9.2% on year in June, topping forecasts for 9.0% and up from 8.8% in May.

Retail sales gained an annual 12.4%, shy of forecasts for 12.5% - which would have been unchanged from the May reading.

Fixed asset investment jumped 17.3% on year for the period of January to June. That beat expectations for 17.2%, which would have been unchanged from the period of January to May.

The NZ dollar fell to 3-week lows of 0.8699 against the US dollar and 88.49 against the yen, from early highs of 0.8769 and 89.16, respectively.

Against the euro, the kiwi slipped to a 2-week low of 1.5580 from an early high of 1.5461.

The kiwi may test support near 0.86 against the greenback, 87.12 against the yen and 1.56 against the euro.



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Source: Alliance News


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