Forex - NZD/USD pulls back from 7-week low
Investing.com
Published Mar 15, 2012 04:30AM ET
Investing.com - The New Zealand dollar eased off a seven-week low against its U.S. counterpart on Thursday, but remained under pressure as the upbeat outlook for the U.S. economy continued to support the greenback.
NZD/USD hit 0.8138 during late Asian trade, the session high; the pair subsequently consolidated at 0.8122, gaining 0.38%.
The pair was likely to find support at 0.8059, the session low and the pair’s lowest since January 25 and resistance at 0.8227, Wednesday’s high.
The greenback has strengthened since the Federal Reserve upgraded its outlook on the U.S. economy on Tuesday, causing investors to trims back expectations for a third round of quantitative easing by the central bank.
Sentiment on the New Zealand dollar also remained soft after China indicated Wednesday that it intends to maintain tight restrictions on the property market, warning that a loosening of controls could cause damage to the economy. China is New Zealand’s largest trading partner.
The kiwi was fractionally higher against its Australian cousin, with AUD/NZD dipping 0.04% to hit 1.2904 and advanced against the yen, with NZD/JPY climbing 0.40% to hit 68.02.
Later in the day, the U.S. was to release government data on producer price inflation, as well as official data on unemployment claims. The country was also to produce reports on manufacturing activity in New York and Philadelphia.
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Written By: Investing.com
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