New Zealand Dollar hangs near weekly low after China's trade data as USD bulls await NFP
The NZD/USD pair sticks to a negative bias for the second consecutive day and trades near the lower end of its weekly range, around the 0.5865 region, during the Asian session on Friday.
The New Zealand Dollar (NZD) traded near its weekly low of 0.5865 during the Asian session on Friday, as traders waited for the US Nonfarm Payrolls (NFP) report. China released its June Trade Balance, showing a surplus of $112.5 billion, slightly below expectations. The figures revealed a 23% YoY increase in exports, compared to a 27% increase in June, and a 27.5% rise in imports, up from 36% previously.
The data did little to support the New Zealand Dollar, as geopolitical tensions and safe-haven demand for the US Dollar (USD) remained strong. China's Trade Balance is a measure of the difference between exported and imported goods and services, and a positive figure indicates a trade surplus, which can impact the Chinese Yuan (CNY) and the broader Forex market.
The NZD/USD pair remains above the 100-day Simple Moving Average (SMA) at 0.5823, suggesting ongoing demand for the currency. However, a break below this level could signal fading momentum and potential further declines toward the mid-0.5700s.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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