Forex - NZD/USD edges higher, Fed in focus
Published Jun 19, 2013 02:59AM ET
NZD/USD hit 0.8016 during late Asian trade, the session high; the pair subsequently consolidated at 0.8002, adding 0.15%.
The pair was likely to find support at 0.7949, Tuesday's low and resistance at 0.8100, the high of June 17.
Official data earlier showed that New Zealand's current account deficit narrowed to NZD0.66 billion in the first quarter from a deficit of NZD3.26 billion in the previous quarter, still disappointing expectations for an improvement to a NZD0.60 billion deficit.
Meanwhile, investors remained cautious amid growing expectations that the Fed will to start to unwind its USD85 billion-a-month bond purchasing program later this year.
In May, Fed Chairman Ben Bernanke said the bank could begin to taper asset purchases if the economy continued to improve.
The kiwi was higher against the Australian dollar with AUD/NZD falling 0.16%, to hit 1.1851.
Also Wednesday, the Conference Board said that its leading index for Australia rose 0.3% in April, after a 0.1% gain the previous month.
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Written By: Investing.com
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