Forex - NZD/USD edges higher as Fed meeting in focus
Investing.com
Published Apr 26, 2011 03:20AM ET
NZD/USD hit 0.8015 during late Asian trade, the daily high; the pair subsequently consolidated at 0.8001, easing up 0.10%.
The pair was likely to find support at 0.7879, the low of April 20 and short-term resistance at 0.8036, Monday’s high and a three-year high.
The Fed was expected to stick to its plan to complete its USD600 billion bond-buying program in June, while Fed Chairman Ben Bernanke was not expected to give any indications of an immediate plan to tighten the bank's policy at the first news conference ever by a Fed chief after the meeting on Wednesday.
The New Zealand dollar’s gains remained limited as commodity prices faltered, with silver tumbling more than 2%, after having risen to almost touch a record high set in 1980 on Monday.
Meanwhile, the kiwi edged lower against the yen, with NZD/JPY dipping 0.03% to hit 65.38.
Later Tuesday the U.S. was to publish reports on house price inflation and consumer confidence, as well as official data on manufacturing activity in Richmond.
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Written By: Investing.com
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