Forex - NZD/USD rebounds from 5-month low as risk appetite recovers
Investing.com
Published Mar 16, 2011 04:01AM ET
NZD/USD hit 0.7350 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7343, gaining 0.36%.
The pair was likely to find support at 0.7265, Tuesday’s low and a five-month low and resistance at 0.7405, Tuesday’s high.
Earlier Wednesday, the Bank of Japan pumped cash into markets for a third day in a row, bringing its total liquidity injection to JPY55.6 trillion yen since Monday.
Japanese authorities were battling to contain the fallout from the damaged Fukushima Daiichi nuclear plant, which was hit by the earthquake and tsunami that engulfed coastal regions of Japan on Friday.
Earlier, staff returned to work at the plant, located 155 miles north east of Tokyo, after a rise in radiation levels following a fire forced them to temporarily abandon the facility.
The kiwi was also up against the yen, with NZD/JPY climbing 0.66% to hit 82.40.
Later in the day, the U.S. was to publish a flurry of data, with reports on building permits as well as data on producer price inflation, housing starts and crude oil stockpiles.
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Written By: Investing.com
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