Forex - NZD/USD lower despite strong N.Z. GDP, Fed weighs
Investing.com
Published Dec 19, 2013 02:51AM ET
Kiwi declines despite strong GDP report
NZD/USD hit 0.8178 during late Asian trade, the session low; the pair subsequently consolidated at 0.8185, retreating 0.64%.
The pair was likely to find support at 0.8142, the low of December 6 and resistance at 0.8289, Wednesday's high.
Official data earlier showed that New Zealand gross domestic product rose 1.4% in the third quarter, beating expectations for a 1.1% expansion, after an upwardly revised 0.3% increase in the three months to June.
The Fed announced Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. In his last press conference as Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
The kiwi was also lower against the euro, with EUR/NZD gaining 0.59% to 1.6718.
Later in the day, the U.S. was to publish data on existing home sales, manufacturing activity in the Philadelphia region and initial jobless claims.
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Written By: Investing.com
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