Investing.com – The New Zealand dollar was down against its U.S. counterpart on Wednesday, sliding to a daily low after the country’s finance minister said the strong domestic dollar was slowing the nation’s recovery.
NZD/USD hit 0.7902 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7927, shedding 0.42%.
The pair was likely to find support at 0.7824, the low of May 18 and resistance at 0.8014, Tuesday’s high and a three-week high.
Earlier in the day, New Zealand’s Finance Minister Bill English said the country’s economic recovery was benefiting from stronger Asian demand for agricultural commodities and export prices that may remain elevated in the next two years.
However, he said that the rise in New Zealand dollar over the past year had been stronger than the government expected.
“It’s a bit of a headwind as we try to rebalance our economy, but I must say that New Zealand exports seem to have shown remarkable resilience,” English said.
Meanwhile, the kiwi was up against its Australian cousin, with AUD/NZD shedding 0.37% to hit 1.3206.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.
NZD/USD hit 0.7902 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7927, shedding 0.42%.
The pair was likely to find support at 0.7824, the low of May 18 and resistance at 0.8014, Tuesday’s high and a three-week high.
Earlier in the day, New Zealand’s Finance Minister Bill English said the country’s economic recovery was benefiting from stronger Asian demand for agricultural commodities and export prices that may remain elevated in the next two years.
However, he said that the rise in New Zealand dollar over the past year had been stronger than the government expected.
“It’s a bit of a headwind as we try to rebalance our economy, but I must say that New Zealand exports seem to have shown remarkable resilience,” English said.
Meanwhile, the kiwi was up against its Australian cousin, with AUD/NZD shedding 0.37% to hit 1.3206.
Later in the day, the U.S. was to publish official data on durable goods orders as well as a government report on crude oil stockpiles.