Monday morning in Asia, the New Zealand dollar edged up against its major counterparts on the back of a rise in local stocks.
New Zealand’s benchmark NZX-50 index is currently trading at 3,250.04, up 13 points or 0.4% over its previous close.
The New Zealand dollar climbed against the currencies of US and Japan in early Asian deals on Monday. At present, the kiwi is worth 0.7066 against the greenback and 65.52 against the yen, compared to Friday’s close of 0.7043 and 65.17, respectively. The next upside target level for the NZ currency is seen at 0.711 against the greenback and 65.8 against the yen.
Japan’s retail sales report released earlier in the day likely influenced the yen. Retail sales in Japan were up 4.2% year-over-year in February, the Ministry of Economy, Trade and Industry said today. The increase was sharply higher than analyst expectations for a 1.6% increase following the revised 2.3% annual gain in January.
Overall retail sales were up 0.9% on a seasonally adjusted monthly basis, compared to forecasts that had called for a 1.2% decline after the revised 2% fall a month earlier.
In early Asian trading on Monday, the New Zealand dollar strengthened against the euro. As of now, the kiwi is worth 1.9009 against the euro with 1.881 seen as the next upside target level. At last week’s close, the euro-kiwi pair was quoted at 1.9049.
Looking ahead, the euro-zone economic confidence report for March is slated for release in the upcoming European session.
From the U.S., personal income and spending reports for February are expected in the New York session.