Forex - NZD/USD trades close to 7-month low amid E.Z. woes
Investing.com
Published Oct 04, 2011 04:17AM ET
NZD/USD hit 0.7497 during early European trade, the pair's lowest since March 29; the pair subsequently consolidated at 0.7531, edging down 0.06%.
The pair was likely to find support at 0.7421, the low of March 24 and resistance at 0.7641, Monday's high.
Market sentiment was weak after a decision on Greece's next bailout tranche of EUR8 billion was pushed back for the second time on Monday.
European finance ministers decided to postpone the decision to October 17, prolonging concerns over a possible Greek default.
Earlier in the day, the New Zealand Institute of Economic Research said its business confidence index edged down to 25 in the second quarter, after a reading at 27 the previous quarter.
A reading above zero indicates optimism and below zero indicates pessimism.
Meanwhile, the kiwi was up against the Australian dollar with AUD/NZD falling 0.90%, to trade at 1.2541.
Also Tuesday, the Reserve Bank of Australia announced its decision to leave interest rates unchanged at 4.75%, in light of the "very unsettled conditions in global financial markets."
Later in the day, Federal Reserve Chairman Ben Bernanke was due to testify before the Joint Economic Committee.
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Written By: Investing.com
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