Forex: NZD/USD higher in European trading

on Jul 10, 2013
Listen Wednesday July 10th:_ The New Zealand dollar continued its three-day rally against the US dollar during today’s Asian session and so far in European trading the pair has risen to a current session high at 0.7881, increasing 0.56 percent intraday.

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Chinese export data, released later in the Asian session, logged an unanticipated fall of 3.1 percent in June y/y, well shy of expectations for a four percent gain and increasing concerns over a slowdown in global demand. Imports fell 0.7 percent to also be well down on forecasts, which were for a six percent increase.
Meanwhile China’s trade surplus widened in June to $27.13 billion, well up on May’s $20.4 billion and narrowly beating expectations for $27.0 billion.

And the trade surplus for the first six months of 2013 was substantially higher than the same period last year, up 58.5 percent to $US107.95 billion.
China’s PPI fell 2.7 percent in June y/y, after May’s 2.9 percent drop, making for the 16th consecutive month of producer price deflation. And consumer price inflation recorded a 2.7 percent rise in June y/y, up on the 2.1 percent in the prior period and raising further fears that the world’s second biggest economy is in slow-down mode.

Yesterday the NZIER New Zealand Business Confidence Index for the second quarter came out at 32, well up on the first quarter reading of 23.
The minutes of the US Fed’s Federal Open Market Committee June meeting are due to be released at 19:00 BST. New Zealand’s Business PMI and the country’s Food Price Index data for May m/m are due out at 23.45 BST.


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