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Forex - NZD/USD edges lower in cautious trade

ForexMay 29, 2013 06:56AM GMT Add a Comment
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Investing.com - The New Zealand dollar edged lower against its U.S. counterpart on Wednesday, as demand for the greenback remained supported by Tuesday's strong U.S. data and speculation that the Federal Reserve may scale back its bond-buying program.

NZD/USD hit 0.8050 during late Asian trade, the session low; the pair subsequently consolidated at 0.8068, slipping 0.13%.

The pair was likely to find support at 0.8034, the low of May 22 and an eight-month low and resistance at 0.8127, Tuesday's high.

The greenback remained supported after data on Tuesday showed that U.S. consumer confidence rose to the highest level since February 2008 in the current month.

The Conference Board said its index of consumer confidence rose to 76.2 in May from 69.0 in April and beating expectations for a reading of 71.0.

A separate report showed that the Case-Shiller U.S. home price index rose 10.9% in March from a year earlier, the biggest increase since April 2006.

The strong data boosted expectations that the Fed will wind down its USD85 billion-a-month asset purchase program later this year.

The kiwi was higher against the Australian dollar with AUD/NZD retreating 0.47%, to hit 1.1845.

Also Wednesday, industry data showed that new home sales in Australia rose 3.9% in April, after a 4.2% increase the previous month.

A separate report showed that construction work done in Australia declined 2% in the first quarter, disappointing expectations for a 1% rise, after a 0.1% increase in the previous quarter.

Forex - NZD/USD edges lower in cautious trade

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