Forex Alert: NZD/USD Gains Ground
iNVEZZ (Aukland) The NZD/USD pair advanced on 13 November 2012, with FXstreet reporting that the pair was up 0.23 percent at 15:30 GMT, with a slightly bullish trend index. The kiwi, as the New Zealand dollar is nicknamed, is off to a strong week together with its Aussie counterpart on account of better-than-expected export data from China.
The NZD/USD Pair Moving Up
The NZD/USD uptrend was also observed yesterday, with Bloomberg reporting that the New Zealand dollar, which has strengthened 4.5 percent in 2012, rose by 0.4 percent to 81.75 US cents after gaining as much as 0.6 percent earlier, its strongest level since November 1.
The Kiwi received a boost after the Chinese customs administration indicated that the nation’s exports exceeded imports by as much as $32 billion (£20 billion) in October, beating analysts’ estimations. While Eurozone concerns heighten the appeal of haven currencies such as the US dollar, positive economic data from China, which is New Zealand’s second largest export market, provide support to South Pacific currencies, improving the export outlook for the region.
Yet, analysts at FXEmpire note that the NZD/USD pair will be “a short-term trader’s domain”, with the rally unlikely to gain any serious traction.