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Forex - NZD/USD higher ahead of U.S. economic reports

Published 11/26/2014, 03:03 AM
Updated 11/26/2014, 03:03 AM

Investing.com - The New Zealand dollar was higher against its U.S. counterpart on Wednesday, as sentiment on the greenback was vulnerable after downbeat U.S. consumer sentiment data released on Thursday and ahead of a string of additional economic reports due later in the day.

NZD/USD hit 0.7847 during late Asian trade, the session high; the pair subsequently consolidated at 0.7842, gaining 0.44%.

The pair was likely to find support at 0.7766, Tuesday's low and resistance at 0.7951, the high of November 21.

The greenback slipped on Tuesday after the Conference Board reported that its consumer confidence index fell to a five month low in November, one month after touching its highest level in seven years, as optimism over the short term outlook waned.

A separate report showed that U.S. house prices rose more than expected on a year-over-year basis September, but were unchanged on a monthly basis.

But the U.S. dollar still found some support as the Commerce Department reported that the U.S. economy posted growth of 3.9% in the three months to September, far higher than the initial estimate of 3.5%. Economists had forecast a small downward revision to 3.3%.

The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.21% to 1.0904.

Also Wednesday, the Australian Bureau of Statistics said construction work done declined by 2.2% in the third quarter, more than the expected 1.7% fall, after a 1.2% drop in the three months to June.

Later in the day, the U.S. was to release a flurry of data ahead of Thursday’s holiday, including reports on durable goods orders, unemployment claims, personal income and spending, as well as reports on new and pending home sales and revised data on consumer sentiment.

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