The NZD/USD pair reverses its course and surges to 0.5925 during the early Asian trading hours on Friday. The rebound in Kiwi is supported by the stro
The National Bureau of Statistics revealed on Friday that Chinese Retail Sales for August rose by 4.6% YoY compared to the previous reading of 2.5%, above the market consensus. Meanwhile, the country’s Industrial Production improved to 4.5% in August from 3.7% in the previous month, beating the market expectation of 3.9%. Finally, the Fixed Asset Investment increased 3.2% YoY in August versus 3.4% prior, below the 3.3% expected.
Apart from the data, the People's Bank of China kept the one-year Medium-term Lending Facility rate unchanged at 2.50% on Friday. Additionally, the PBOC maintained the seven-day reverse repo rate at 1.80% while lowering the 14-day reverse repo rate to 1.95% from 2.15% previously. Furthermore, data released by Business NZ showed that the Business NZ PMI came in at 46.1 in August from 46.3 in the previous month. However, the Kiwi did not react to New Zealand’s data as the risk sentiment and USD dynamic influenced the pair for the time being.
On the USD’s front, the upbeat US data on Thursday indicate that the US economy remains resilient and inflation rebounded in August. The August Producer Price Index grew more than expected, with the annual rate rising to 1.5% from 0.8%. The annual Core figure fell from 2.4% to 2.2%. Furthermore, Retail Sales grew by 0.6% MoM in August, beating estimations of 0.2%. Weekly Initial Jobless Claims increased by 220K from 217K, falling short of the market consensus of 225K.
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