Forex - Kiwi slides against greenback, halting rally
Investing.com
Published Jun 16, 2010 04:30AM ET
NZD/USD hit 0.695 during early European trade, shedding 0.54%. The pair was likely to find support at 0.6802, the low of June 11, and short-term resistance at 0.704, the high of May 18.
Meanwhile, a survey conducted by the Westpac Banking Corp. and McDermott Miller Ltd. showed that New Zealand’s consumer confidence rebounded in the second quarter as the country's unemployment rate declined.
The kiwi also fell versus sterling on Wednesday, with GBP/NZD gaining 0.46% to reach 2.1283.
Later in the day, the U.S. Census Bureau was due to release a key report on building permits, a signal of future construction. The U.S. Energy Information Administration, meanwhile, will publish data on crude oil inventories and the Labor Department was set to produce a producer price index.
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Written By: Investing.com
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