The NZ dollar drifted higher against its major counterparts in European deals on Monday amid risk appetite, as trade worries and Brexit uncertainty appeared somewhat eased and a string of Chinese data topped forecasts.

Official data showed that China's industrial production rose an annual 6.2 percent in November, coming in above forecasts of 5.0 percent growth.

Similarly, retail sales grew 8.0 from last year, above expectations of a 7.6 percent growth.

Investors cheered developments on the U.S-China trade front, as both nations reached a historic agreement on a phase one trade deal.

U.S. Trade Representative Robert Lighthizer said on Sunday that the phase one U.S.-China trade deal is "totally done" and will nearly double U.S. exports to China over the next two years.

The kiwi traded mixed against its major counterparts in the Asian session on Monday. While it rose against the euro and the aussie, it was steady against the greenback and the yen.

The kiwi appreciated to 0.6612 against the greenback, after falling as low as 0.6588 at 6:00 pm ET. The kiwi may find resistance around the 0.68 level.

Following a decline to 72.04 against the yen at 6:00 pm ET, the kiwi bounced off with the pair trading at 72.33. The kiwi is seen locating resistance around the 75.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity declined at a faster-than-expected rate in October.

Tertiary industry activity decreased 4.6 percent month-on-month in October. Economists had forecast a 3.6 percent fall.

Extending early gains, the kiwi rose to a 5-day high of 1.0412 against the aussie. This followed a low of 1.0433 seen at 8:30 pm ET. If the kiwi rises further, 1.025 is likely seen as its next resistance level.

Survey results from IHS Markit and Commonwealth Bank of Australia showed that Australia private sector fell marginally in December.

The composite output index dropped to 49.4 in December from 49.7 in the preceding month.

The kiwi recovered to 1.6847 against the euro, from a low of 1.6905 set at 2:30 am ET. The kiwi is likely to locate resistance around the 1.64 mark.

Flash survey data from IHS Markit showed that the Eurozone private sector logged a moderate growth in December, rounding off a fourth quarter in which output rose at the weakest pace since the economy started recovery in the second half of 2013.

The composite output index held steady at 50.6 in December, signaling a very modest growth across manufacturing and service sectors. The score was slightly above the forecast of 50.5.

Looking ahead, Canada existing home sales for November, New York Fed's empire manufacturing survey and NAHB housing market index for December are set for release in the New York session.

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