US employment data for July propelled hawkish Fed bets, China’s aggression in Taiwan issue contributed to the firmer USD.
Weekend trade data from China appeared to have offered immediate upside ahead of the key New Zealand inflation expectations for Q3.NZD/USD begins the trading week on a firmer footing, despite the latest retreat to 0.6235, as the pair traders await Reserve Bank of New Zealand’s third quarter inflation expectations. The quote’s latest strength could also be linked to the weekend data from China.
During the weekend, China’s trade numbers for June marked upbeat results with the Exports rising the most in the year. That said, the headline Trade Balance rose to $101.26B versus $90B forecasts and $97.94B. Further details suggest that Exports increased by 18% compared to 15% expected and 17.9% prior whereas the Imports eased to 2.3% compared to 3.7% expected and 1.0% prior.
On the other hand, Reuters came out with the news suggesting that China is up for ‘regular’ military drills east of the Taiwan Strait median line. That said, the dragon nation’s Foreign Ministry announced on Friday that they will sanction US House of Representative Speaker Nancy Pelosi over the Taiwan visit. On the other hand, Taiwan's Defense Ministry reported 66 Chinese aircraft conducting activities in the Taiwan Strait as of 5 pm local time on Sunday.
Elsewhere, a firmer US employment report for July underpinned hawkish Fed bets and recalled the US dollar bulls, allowing
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