Investing.com - The New Zealand dollar continued to firm against its U.S. rival during Monday’s Asian session following the release of New Zealand PPI data.
In Asian trading Monday, NZD/USD rose 0.12% to 0.8116. The pair is likely to find support at 0.7957, the low from August 14 and resistance at 0.8135, the high from June 14. The kiwi gained 0.82% against the greenback last week.
Earlier Monday, Statistics New Zealand said that New Zealand’s producer price index rose 0.6% in the second quarter following a first-quarter gain of 0.8%. Analysts expected the second-quarter increase of 0.6%.
Statistics New Zealand also said that New Zealand PPI output rose 1% last month after a 0.8% increase in June. Analysts expected a July increase of 0.7%. On Tuesday, New Zealand will release inflation data.
The kiwi was also bolstered following some tepid economic data out of the U.S. In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment for August fell to 80 from 85.1 in July. The August reading was the worst in four months.
The Commerce Department said housing starts rose 5.9% to 896,000 units. Economists expected housing starts to rise to 900,000 units.
The data came amid ongoing speculation over how soon the Federal Reserve will start to phase out its bond buying program. Expectations are in place that the Fed could begin tapering as soon as September.
Elsewhere, NZD/JPY inched down 0.03% to 79.11 while AUD/NZD rose 0.11% to 1.1342.
In Asian trading Monday, NZD/USD rose 0.12% to 0.8116. The pair is likely to find support at 0.7957, the low from August 14 and resistance at 0.8135, the high from June 14. The kiwi gained 0.82% against the greenback last week.
Earlier Monday, Statistics New Zealand said that New Zealand’s producer price index rose 0.6% in the second quarter following a first-quarter gain of 0.8%. Analysts expected the second-quarter increase of 0.6%.
Statistics New Zealand also said that New Zealand PPI output rose 1% last month after a 0.8% increase in June. Analysts expected a July increase of 0.7%. On Tuesday, New Zealand will release inflation data.
The kiwi was also bolstered following some tepid economic data out of the U.S. In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment for August fell to 80 from 85.1 in July. The August reading was the worst in four months.
The Commerce Department said housing starts rose 5.9% to 896,000 units. Economists expected housing starts to rise to 900,000 units.
The data came amid ongoing speculation over how soon the Federal Reserve will start to phase out its bond buying program. Expectations are in place that the Fed could begin tapering as soon as September.
Elsewhere, NZD/JPY inched down 0.03% to 79.11 while AUD/NZD rose 0.11% to 1.1342.