New Zealand dollar traded higher against its US counterpart on Monday, as the greenback was pressured after the downbeat US non-farm payrolls data, published on Friday.
NZD/USD climbed to its highest point today at 0.8014 at 8:48 GMT, after which consolidation followed at 0.8008, gaining 0.04% for the day. Support was likely to be found at September 6th low, 0.7886, while resistance was to be encountered at August 20th high, 0.8070.
US dollar came under selling pressure on Friday, after the Bureau of Labor Statistics reported that US employers added 169 000 new jobs in the month of August, following the revised down 104 000 jobs in July from 162 000 previously. The official report said that non-farm payrolls in the US have initially been revised down by a total of 74 000 during June and July. US unemployment rate diminished to 7.3% during August from 7.4% a month ago. These data points introduced a new dose of uncertainty over the future of Federal Reserve’s stimulus program.
Meanwhile, a set of positive economic data out of China provided support to the kiwi dollar, as China is New Zealands second largest export market. On Sunday it became clear that Chinese export figure rose by 7.2% in August on annual basis, following the 5.1% gain in July, while import grew 7%. Additionally, the National Bureau of Statistics in China reported that Chinese CPI advanced 0.5% in August, following a 0.1% uptick in July. Economists had expected an increase by 0.4% in August. Chinese PPI improved to -1.6% in August from -2.3% a month ago. Analysts had projected a PPI reading of -1.8% in August.
In New Zealand, a survey in manufacturing sector showed that manufacturing sales dropped by 2.0% during the second quarter of the year compared to the first, following the revised down value in Q1 to a 0.1% dip from 0.2% gain previously. The surveys main purpose is to prepare short-term economic forecasts, regarding the sector of manufacturing in the country. Short-term indicators show the performance of manufacturing and compare the results of companies in the sector to overall economic conditions at the present moment.
Elsewhere, the kiwi was lower against the Australian dollar, with AUD/NZD cross gaining 0.26% for the day to trade at 1.1519 at 9:25 GMT.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
