Forex - NZD/USD rises on New Zealand data, eyes on Fed
Investing.com
Published Aug 30, 2012 03:04AM ET
NZD/USD hit 0.8030 during late Asian trade, the daily high; the pair subsequently consolidated at 0.8028, adding 0.31%.
The pair was likely to find support at 0.7955, the low of July 6 and resistance at 0.8074, the high of July 5.
The National Bank of New Zealand said earlier that its index of business confidence rose to 19.5 in August from a reading of 15.1 the previous month.
The report came after official data showed that building consents in New Zealand rose 2.0% in July after a revised 5.9% increase the previous month.
Meanwhile, investors eyed a speech by the Federal Reserve chairman at the central bank’s annual symposium in Jackson Hole, Wyoming on Friday, amid ongoing speculation over how close the Fed is to implementing more stimulus measures.
The kiwi was higher against the Australian dollar with AUD/NZD shedding 0.40%, to hit 1.2873.
Also Thursday, official data showed that building approvals in Australia dropped far more than expected in July, declining 17.3% after a revised 1% fall the previous month.
Analysts had expected building approvals to fall 4.8% in July.
A separate report showed that private capital expenditure in Australia rose by 3.4% in the second quarter, beating expectations for a 2.7% rise and following a 7.7% jump in the previous quarter.
Later in the day, the U.S. was to produce official data on personal consumption expenditures and personal spending.
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.