Forex - NZD/USD slides lower after N.Z. GDP data, Fed
Investing.com
Published Mar 19, 2015 03:54AM ET
Kiwi loses ground against greenback, N.Z. GDP in line with expectations
Investing.com - The New Zealand dollar was lower against its U.S. counterpart on Thursday, after data showed that the New Zealand economy grew in line with expectations in the last quarter, while demand for the greenback recovered from the Federal Reserve's policy statement on Wednesday.
NZD/USD hit 0.7448 during late Asian trade, the session low; the pair subsequently consolidated at 0.7431, declining 0.73%.
The pair was likely to find support at 0.7272, Wednesday's low and resistance at 0.7554, Wednesday's high.
Official data earlier showed that New Zealand's gross domestic product expanded at a rate of 0.8% in the fourth quarter of 2014, in line with expectations and down from 0.9% in the previous quarter, whose figure was revised from a previously estimated growth rate of 1.0%.
Meanwhile, the greenback strengthened after a broad selloff on Wednesday, when the Fed indicated that U.S. economic growth has moderated and that interest rates will rise at a slower pace than previously forecast.
In a statement following its monetary policy meeting, the U.S. central bank also downgraded its forecasts for growth and inflation.
The kiwi was higher against the euro, with EUR/NZD sliding 0.67% to 1.4416.
Later in the day, the U.S. was to release reports on jobless claims, the current account and manufacturing activity in the Philadelphia region.
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Written By: Investing.com
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