Forex - NZD/USD slips as EU summit concerns weigh
Investing.com
Published Oct 26, 2011 04:01AM ET
NZD/USD hit 0.7942 during late Asian trade, the pair’s lowest since Friday; the pair subsequently consolidated at 0.7967, dipping 0.04%.
The pair was likely to find support at 0.7898, Friday’s low and resistance at 0.8077, Tuesday’s high.
Expectations that EU leaders would make progress on a plan to contain the debt crisis in the euro zone were dampened after a meeting of euro zone finance ministers, scheduled to take place ahead of the summit, was cancelled.
Meanwhile, a report showing that Australian core consumer price inflation rose at the slowest pace since 2000 added to speculation over the possibility of a near-term rate cut by the country’s central bank.
The kiwi was higher against it Australian cousin, with AUD/NZD shedding 0.43% to hit 1.3019.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.
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Written By: Investing.com
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