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Forex - NZD/USD higher as risk appetite boosted by Bernanke

Published 08/29/2011, 03:21 AM
Updated 08/29/2011, 03:21 AM

Investing.com – The New Zealand dollar gained to a three-week high against its U.S. counterpart on Monday, as demand for riskier assets was boosted after comments by Federal Reserve Chairman Ben Bernanke on Friday.

NZD/USD hit 0.8464 during late Asian trade, the pair’s highest since August 5; the pair subsequently consolidated at 0.8456, gaining 0.72%.

The pair was likely to find support at 0.8268, Friday’s low and resistance at 0.8667, the high of August 4.

Speaking at the Fed’s annual gathering in Jackson Hole, Wyoming, on Friday Bernanke did not indicate that the Fed intended to take further action to stimulate growth, but did not outrule the use of additional monetary stimulus if necessary.

Bernanke also said that the Fed’s September policy-setting meeting would be extended to two days from one, in order to “allow a fuller discussion” on the economy.

The kiwi was also higher against its Australian cousin, with AUD/NZD shedding 0.32% to hit 1.2548.

Earlier Monday, industry data showed that Australian new home sales fell sharply in July, down for the second successive month.

The Housing Industry Association said the number of new homes sold in July dropped by 8% after falling by 8.7% in the preceding month.

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