25 Feb 2015
NZD/USD extends beyond 0.7500 on upbeat China data
FXStreet (Mumbai) - The New Zealand dollar extends its upside momentum and ticks higher against the US dollar, pushing NZD/USD to reach fresh two-day highs after the Chinese factory output numbers revealed a turnaround in activity this month.
NZD/USD rises from 0.7508 levels
Currently, the NZD/USD edges higher by 0.44% on the day at 0.7526, having previously posted fresh two day highs at 0.7536 levels. NZD/USD continued its rises from the US last session as the US dollar lost its strength after Yellen’s comments failed to provide any fresh surprise on Fed’s monetary policy stance. Moreover, the gains in the Kiwi were accelerated after better than expected Chinese manufacturing PMI data which showed that Chinese manufacturing activity reached a four-month peak in February.
The HSBC Purchasing Managers' Index (PMI) unexpectedly climbed to 50.1 from 49.7, beating expectations of a 49.5 reading. China is New Zealand’s top trading partner.
NZD/USD is likely to remain underpinned ahead of Fed Chair Yellen’s testimony before the House later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7548 levels and above which it could extend gains to 0.7576 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7480 levels.
NZD/USD rises from 0.7508 levels
Currently, the NZD/USD edges higher by 0.44% on the day at 0.7526, having previously posted fresh two day highs at 0.7536 levels. NZD/USD continued its rises from the US last session as the US dollar lost its strength after Yellen’s comments failed to provide any fresh surprise on Fed’s monetary policy stance. Moreover, the gains in the Kiwi were accelerated after better than expected Chinese manufacturing PMI data which showed that Chinese manufacturing activity reached a four-month peak in February.
The HSBC Purchasing Managers' Index (PMI) unexpectedly climbed to 50.1 from 49.7, beating expectations of a 49.5 reading. China is New Zealand’s top trading partner.
NZD/USD is likely to remain underpinned ahead of Fed Chair Yellen’s testimony before the House later in the day.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7548 levels and above which it could extend gains to 0.7576 levels. To the downside immediate support might be located at 0.7500 levels below that at 0.7480 levels.