Forex - Greenback hits 4-day high vs. kiwi ahead of ADP data
Investing.com
Published May 05, 2010 06:48AM ET
NZD/USD hit 0.7164 during European morning trade, its lowest since last Friday; the pair subsequently consolidated around 0.7188, shedding 0.2%. The pair was likely to find support at 0.7053, the low of April 19, and resistance at 0.7324, Monday's high.
The kiwi's decline versus the greenback came as risk appetite deteriorated amid fears an EU-IMF rescue package for Greece will not prevent the country's debt crisis from spreading to other cash-strapped euro zone nations.
Meanwhile, the kiwi also slid against sterling on Wednesday, with GBP/NZD gaining 0.22% to reach 2.1075.
Later in the day, the payroll processing firm ADP was due to publish a key report on U.S. nonfarm employment change and New Zealand's statistics agency was scheduled to release data on the country's unemployment rate and unemployment change.
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Written By: Investing.com
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