By FX Empire.com
The New Zealand dollar swings between gains and losses as the Chinese data showed September’s trade surplus narrowed and China’s imports declined more than expected, reducing demand for the New Zealand dollar, where the Chinese market is the largest for New Zealand products.
Furthermore, New Zealand home prices increased in September to the highest since November 2009, which supported Kiwi’s upside movement slightly against major currencies.
Meanwhile, Kiwi maintained the upside momentum against the American dollar, as Asian stock markets extended a global equities rally, spurring demand for higher yielding currencies.
On Friday at 12:30 GMT, the U.S. economy will issue the Import Price Index for September, where it had a previous reading of – 0.4% and expected to come at – 0.5%, while the annual Import Price Index had a prior reading of 13.0%.
The Advance Retail Sales for September will be also due at 12:30 GMT as the index is expected to rise moderately by 0.2% less autos after 0.1% gain in August and excluding gas and auto sales are also expected with 0.2% rise after 0.1%.
At 13:55 GMT the University of Michigan confidence for October is expected with a rise to 60.0 from 59.4; and finally at 14:00 GMT Business Inventories for August are expected to hold at 0.4%.
Read more Forex Market Updates here!
