Ella 
NZD/USD attracted some bulls during Wednesday’s Asian session and held steady above the 0.5900 level. Improved economic data from China provided some support for the NZD/USD. The NZD/USD is currently trading around the 0.5905 level, with an intra-day gain of 0.13%.
The latest data released by the National Bureau of Statistics of China on Wednesday showed that China’s third quarter gross domestic product grew 1.3% quarter-on-quarter, compared to the previous growth of 0.8%, which was higher than the 1% expected. China’s GDP grew at an annualized rate of 4.9% in the third quarter, beating expectations of 4.4% and up from 6.3% in the previous quarter.
In addition, China’s industrial production and retail sales in September were at an annualized rate of 4.5% and 5.5%, respectively. Both were better than market expectations. Boosted by the data, the New Zealand dollar/US dollar, which represents China’s economic outlook, rose.
On Tuesday, New Zealand’s third quarter CPI rose to 1.8%, which was 2% lower than expected. New Zealand’s third-quarter CPI annual rate was 5.6%, lower than the previous reading of 6% and lower than the expected reading of 5.9%.
In the U.S. dollar, Minneapolis Federal Reserve President Neel Kashkari said that inflation has been elevated for much longer than expected and remains too high. Philadelphia Fed President Patrick Harker stuck to his dovish stance, saying the Fed should keep rates steady unless there is a turnaround in the data. Nonetheless, more dovish comments from Federal Reserve (FED) officials could weigh on the US Dollar (USD) and boost the NZD/USD.
On the data front, the U.S. Census Bureau reported on Tuesday that U.S. retail sales rose 0.7% on a monthly basis in September, beating consensus expectations for a 0.3% increase. The control group of retail sales rose 0.6% month-over-month, compared to a 0.2% increase in the previous month.
