COZfx: NZD/USD raises as New Zealand & Chinese positive data

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COZforex: The New Zealand dollar rise against its US counterpart on Monday, supported by upbeat New Zealand overseas trade data and relatively positive Chinese manufacturing reports.

NZD/USD hit 0.8377 amid early European trade, the session high; the pair subsequently consolidated at 0.8383, rising 0.28%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8332, the low of August 27 and resistance at 0.8407, the high of August 28.

Official data showed that New Zealand's overseas trade index rise by 0.3% in the second quarter, confounding expectations for a 2.3% decline, after a 1.8% rise in the three months to April.

Elsewhere, data showed that China's manufacturing purchasing managers' index ticked down to 51.1 in August, from a reading of 51.7 the previous month, still in expansion territory. China's HSBC Final Manufacturing PMI slipped to 50.2 last month, from 50.3 in July, also remaining in expansion territory. China is New Zealand's second biggest export partner.

Also Monday, official data showed that gross company operating profits in Australia dropped 6.9% in the second quarter, compared to expectations for a 1.8% drop. Australia's first quarter gross company operating profits were revised to an increase of 2.0% from a previously estimated 3.1% rise.

Trade volumes looked likely to remain light on Monday, with markets in the US closed for the Labor Day holiday.

(COZ forex UK)