Forex - NZD/USD holds steady near 2-week highs
Investing.com
Published Nov 13, 2014 02:54AM ET
Investing.com - The New Zealand dollar held steady againt its U.S. counterpart on Thursday, hovering close to a two-week high after the release of upbeat manufacturing activity data from New Zealand.
NZD/USD hit 0.7885 during late Asian trade, the session high; the pair subsequently consolidated at 0.7877.
The pair was likely to find support at 0.7710, the low of November 11 and resistance at 0.7978, the high of October 29.
The New Zealand dollar found support after data showed that the Business NZ Manufacturing Index rose to 59.3 last month from a reading of 58.5 in September, whose figure was upwardly revised from a previously estimated 58.1.
Meanwhile, demand for the greenback remained supported by the diverging monetary policy outlook between the Federal Reserve and it's major peers.
Investors were eyeing U.S. data on initial jobless claims due later in the day, as well as Friday's retail sales report for further indications on the strength of the recovery.
The kiwi was lower against the euro, with EUR/NZD adding 0.17% to 1.5811.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.