Following encouraging Chinese trade figures, the NZD/USD remains on track for more gains.
In the previous five months, China’s trade surplus was the greatest.
Investors’ risk appetite has improved, keeping the Kiwi firmer against the US dollar.
In the Asian session on Tuesday, the New Zealand dollar edged higher against the US dollar. On overall risk-on attitude and bullish Chinese trade statistics, the pair re-establishes daily highs.
The New Zealand dollar is currently trading at 0.7005, up 0.37 percent on the day.
The New Zealand dollar surged on encouraging Chinese trade surplus statistics, which underlined the pace of economic recovery in Asia’s largest economy. In June, the trade surplus was USD 51.53 billion, much exceeding the market consensus of USD 44.2 billion.
Meanwhile, investors await the Reserve Bank of New Zealand’s (RBNZ) interest rate announcement, following economists from Personal & Business Banking in New Zealand (ASB), Westpac, and the Bank of New Zealand (BNZ) predicted the day in the previous week when the RBNZ will raise the official cash rate (OCR).
It’s worth noting that S&P 500 Futures were trading at 4,384 points, up 0.35 percent.
With 0.11 percent losses, the US Dollar Index (DXY), which measures the dollar against a basket of six major rivals, falls below 92.20.
Investors are currently awaiting the release of the US Consumer Price Index data to determine market mood./n
