NZD/USD aims to extend recovery above 0.6180, investors await China’s GDP – by Sagar_Dua24 NZDUSD Fed RBNZ Inflation GDP
NZD/USD is aiming to shore up its recovery above 0.6186 amid a minor correction in the USD Index.NZ inflation is becoming stubborn further despite higher rates by the RBNZ.is gathering strength for extending its recovery above 0.6186 in the Asian session. The Kiwi asset recovered firmly after dropping to near 0.6160 as the US Dollar Index went through a gradual correction.
S&P500 futures are showing a subdued performance in the Tokyo session as investors are worried about corporate profits to be reported ahead. Tech-giant Google was dumped by investors amid reports that South Korea's Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices.Index is displaying a rangebound performance around 102.10 after a nominal correction.
As per the consensus, the Chinese economy has expanded by 2.2% vs. a stagnant performance. On an annual basis, the economy is expanded by 4.0% against the 2.9% growth rate recorded earlier. It is worth noting that New Zealand is one of the leading trading partners of China and higher Chinese GDP data would support the New Zealand Dollar.
Later this week, New Zealand’s quarterly inflation data will be keenly watched. According to the consensus, NZ inflationary pressures have accelerated by 2.0% in the quarter, higher than the former pace of 1.4%. Annual NZ inflation data has scaled to 7.5% from the former release of 7.2%.
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