Investing.com - The New Zealand dollar rose against its U.S. counterpart on Thursday, easing off seven-month lows after the release of better than expected New Zealand economic growth data, while the Federal Reserve said interest rates will remain unchanged for some time.
NZD/USD hit 0.8121 during late Asian trade, the session high; the pair subsequently consolidated at 0.8118, rising 0.26%.
The pair was likely to find support at 0.8073, Wednesday's low and resistance at 0.8204, Wednesday's high.
Official data showed that New Zealand second quarter gross domestic product rose by 0.7%, beating expectations for 0.6% growth and after a 1.0% rise in the three months to April.
Year-on-year, New Zealand's GDP increased by 3.9% in the last quarter, marking the fastest growth rate since the second quarter of 2004.
In its monthly policy statement, the Fed reiterated that it expects rates to remain on hold for a "considerable time", after its bond purchasing program ends, but it also outlined in more detail how it will start to raise short term interest rates when the time comes.
The Fed cut its monthly asset purchase program by another $10 billion, keeping the program on track to finish next month.
Speaking at the bank’s post-policy meeting press conference Chair Janet Yellen stressed that the timing of any change in interest rates is dependent on the strength of the economic recovery.
The kiwi was higher against the euro, with EUR/NZD edging down 0.08% to 1.5870.
Later in the day, the U.S. was to produce reports on initial jobless claims, building permits, housing starts and manufacturing activity in the Philadelphia region.