NZD/USD Price Forecast: Kiwi holds gains with bulls aiming for the 0.5690 area
The New Zealand Dollar (NZD) stands its ground against the US Dollar (USD) at the start of the week, as positive data from China offset the downbeat New Zealand Trade Balance earlier in the day.
The New Zealand Dollar (NZD) maintained its bullish momentum against the US Dollar (USD) at the beginning of the week, trading near the 0.5660 level. This price action was driven by positive economic data from China, which is New Zealand's primary trading partner. China's GDP expanded by 4.5% in the third quarter, surpassing expectations and outpacing the 4.3% growth seen in the previous quarter.
Additionally, retail sales in New Zealand experienced a stronger-than-anticipated 1.1% increase in September, dispelling concerns about domestic demand weakness. However, the trade deficit for New Zealand widened to NZD 1.97 billion in September, up from NZD 1.54 billion in August. The New Zealand Business PSI, an indicator for the country's services sector, showed a slight slowdown to 50.9 in September, reflecting business concerns over political uncertainty and the rising cost of living.
Despite these mixed signals, the market remains optimistic, with technical indicators pointing towards a potential breakout above the 0.5660 level towards the 0.5990 mark.
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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