During Monday trade New Zealand dollar increased in value against the US dollar, after the release of Chinese Manufacturing report on Saturday.
During Asian session, NZD/USD pair reached 0.7982, session high for the moment, after which consolidation followed at the lower 0.7974 level. The pair was up by 0.35% for the day. Support was expected at May 31st low, 0.7939, while resistance was likely to be encountered at May 31st high, 0.8102.
On Saturday official report stated that Chinas Manufacturing PMI recorded a rise to 50.8 during May from a reading of 50.6 during April.
Additional report came out earlier today and showed that China’s HSBC Manufacturing PMI dipped to 49.2 in May, while during April this indicator was at the level of 49.6.
Meanwhile, New Zealand dollar dipped versus its Australian counterpart, as AUD/NZD rose to 1.2094.
Retail Sales report was announced earlier and showed a slower than expected rise, 0.2% during April, mismatching projections for a 0.3% rise. During the preceding month Australian Retail Sales dipped by 0.4%.
Additionally, Melbourne Institute Monthly Inflation Gauge showed a slow down to 0.2% in May, from 0.3% in April.
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