New Zealand Dollar strengthens above 0.5650 on strong China's GDP data
The NZD/USD pair holds positive ground near 0.5655 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) edges slightly higher against the US Dollar (USD) following the upbeat Chinese economic data.
The New Zealand Dollar (NZD) strengthened above 0.5650 during Asian trading hours on Monday due to robust Chinese Gross Domestic Product (GDP) figures. The NZD edged higher against the US Dollar (USD) as investors reacted positively to the upbeat economic data released by China's National Bureau of Statistics. China's GDP expanded by 4.5% year-over-year (YoY) in the third quarter (Q3), surpassing the 4.3% growth in the previous quarter.
On a quarterly basis, the Chinese economy grew by 1.2% in Q3, up from a 0.9% increase in Q2. Retail Sales and Industrial Production also outperformed expectations in September, indicating a stronger-than-anticipated Chinese economy. This favorable economic news provided support to the New Zealand Dollar, as China is a significant trading partner of New Zealand.
Market participants await New Zealand’s Consumer Price Index (CPI) inflation report due later on Thursday, which may influence the future direction of the NZD/USD pair.
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