The NZ dollar strengethend against the other major currencies in the Asian session on Friday after New Zealand’s Fonterra announced that China lifted the ban on its whey products.
The Ministry of Primary Industries has advised Fonterra that the Chinese government is lifting the temporary suspension for export of Fonterra base powder for infant formula and Fonterra whey powder to China.
The suspension of Foneterra’s whey products had been in place since August of 2013.
In the economic news, data from Statistics New Zealand showed that the total number of building consents issued in New Zealand plunged a seasonally adjusted 12.2 percent on month in September – standing at 1,985. That was well shy of forecasts for an increase of 1.0 percent following the flat reading in August.
In the New York session overnight, the NZ dollar was slightly lower against most major currencies.
In the Asian session on Friday, the NZ dollar rose to 2-day highs of 0.7859 against the U.S. dollar and 1.6029 against the euro, from yesterday’s closing quotes of 0.7838 and 1.6072, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.79 against the greenback and 1.59 against the euro.
Against the Australian dollar, the kiwi advanced to a 2-day high of 1.1231 from yesterday’s closing quotes of 1.1250. The kiwi may test resistance near the 1.10 region.
Data from the Australian Bureau of Statistics showed that final demand producer prices in Australia were up 0.2 percent on quarter in the third quarter of 2014 – after easing 0.1 percent in the previous three months.
On a yearly basis, PPI gained 1.2 percent after climbing 2.3 percent in the second quarter.
The kiwi climbed to 85.95 against the yen, from yesterday’s closing quote of 85.61. On the upside, 86.25 is seen as the next resistance level for the kiwi.
Data from the Ministry of Internal Affairs and Communications showed that consumer prices in Japan were up 3.2 percent on year in September – below expectations for 3.3 percent, which would have been unchanged from the August reading. Core consumer prices gained 3.0 percent – matching forecasts and down from 3.1 percent in the previous month.
Looking ahead, German retail sales data for September, Eurozone consumer price index for October and unemployment rate for September are due in the European session.
In the New York session, U.S. personal income and spending data for September and U.S. Reuters/University of Michigan’s final consumer sentiment index for September are due to be released.
Published: 2014-10-31 06:33:00 UTC+00
NZ Dollar Rises As China Lifts Ban On Fonterra's Whey Products
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