New Zealand dollar climbed against its US counterpart on Monday, following the release of official report by the Chinese government, which showed that economy grew in line with expectations in the second quarter of the year.
NZD/USD reached a session high at 0.7825 at 6:14 GMT, after which consolidation followed at 0.7807. The cross gained 0.40% for the day. Support was expected at July 3rd low, 0.7710, while resistance was to be encountered at July 12th high, 0.7879.
During weekend, an official report stated that Chinese GDP rose by 7.5% during Q2 on annual basis, matching projections by experts, and slowing down in comparison with the first quarter, when data showed economy expanded by 7.7%. Additionally, Chinese retail sales increased by 13.3% during June on annual basis, up from 12.9% in the previous month, while industrial production fell to 8.9% in June from 9.2% in May. This news caused influence on the kiwi dollar, because China is New Zealands second largest export partner.
Elsewhere, New Zealand dollar marked a retreat against its Australian peer, with AUD/NZD cross up by 0.19%, trading at 1.1659 at 7:39 GMT. A report stated earlier on Monday, that the total number of sold new autos in Australia reached 97 687, rising by 4.0% in June, compared to May. Data, in terms of separate categories of vehicles, showed that sports cars sales rose by 2.7%, sales of automobiles for travelling purposes increased by 3.7%, while the remaining categories registered higher sales by 6.6%.
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