Forex - NZD/USD hits 5-month high after NZ house price report
Investing.com
Published Apr 13, 2011 03:13AM ET
NZD/USD hit 0.7900 during late Asian trade, the pair’s highest since November 9; the pair subsequently consolidated at 0.7899, surging 0.78%.
The pair was likely to find support at 0.7744, Tuesday’s low and short-term resistance at 0.7937, the high of November 8.
Earlier in the day, as report compiled by the Real Estate Institute of New Zealand said house prices increased 0.5% in March from February. The institute's house-price index rose as the number of properties sold gained to 5,848 from 4,502 in February.
The New Zealand dollar also remained well supported by interest rate differentials. Benchmark interest rates are 2.5% in New Zealand, compared with as low as zero in the U.S. and Japan, attracting investors to the higher-yielding New Zealand currency.
The kiwi was also sharply higher against the yen, with NZD/JPY jumping 1.37% to hit 66.39.
Later in the day, the U.S. was to publish government data on retail sales, while the Federal Reserve was to publish its Beige Book.
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Written By: Investing.com
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