The NZD/USD pair trades sideways around 0.5900 after retreating from a weekly high of 0.5944 during the early Asian session on Friday. Market players
prefer to wait on the sidelines ahead of the Chinese Production and Retail Sales. Meanwhile, the US Dollar Index , a measure of the value of USD against six other major currencies, surged to 105.35, near its highest daily close since March.
The US economy remains resilient and inflation rebounded in August. Data released on Thursday showed that the Producer Price Index for August rose by more than anticipated, with the annual rate climbing to 1.5% from 0.8%. The annual Core rate came in at 2.2% from 2.4%. Additionally, Retail Sales for August increased by 0.6% MoM, exceeding expectations of 0.2%. The weekly Initial Jobless Claims rose by 220K from 217K, below the market consensus of 225K.expectations.
On the Kiwi front, the recent economic data released by Business NZ revealed that the Business NZ PMI came in at 46.1 in August from 46.3 in the previous month. Earlier this week, the Food Price Index for August rose by 0.5% MoM from a 0.5% drop in the previous month. The nation’s Electronic Card Retail Sales for August came in at 3.7% YoY from 2.2% in the previous reading, while the monthly figure grew 0.7% versus 0% prior.
However, economic conditions in China will influence the New Zealander for the time being. Traders will monitor the Chinese Retail Sales and Industrial Production for fresh impetus. The better-than-expected data could boost the NZD and act as a tailwind for the NZD/USD pair. Looking ahead, market participants will keep an eye on Chinese data that includes Retail Sales and Industrial Production due later in the Asian session on Friday. In the US, forthcoming data includes the Empire State Manufacturing Index, Industrial Production, and the University of Michigan Consumer Confidence survey. These figures could give a clear direction to
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