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Forex - NZD/USD slides lower in risk-off trade

ForexAug 28, 2013 07:01AM GMT Add a Comment
Investing.com - The New Zealand dollar was lower against its U.S. counterpart on Wednesday, as market sentiment remained under pressure amid ongoing tension in Syria and the possibility of a U.S. military intervention in the region.

NZD/USD hit 0.7749 during late Asian trade, the session low; the pair subsequently consolidated at 0.7765, shedding 0.42%.

The pair was likely to find support at 0.7700, the low of July 8 and resistance at 0.7874, the high of August 26.

Market sentiment was hit by growing expectations for U.S. military strikes against Syria’s government. U.S. Vice-President Joe Biden said Tuesday there is "no doubt" that the Syrian government used chemical weapons against civilians and added that it must be held accountable.

The greenback also found support as concerns over the timing of a reduction in Federal Reserve stimulus eased after data on Tuesday showed that U.S. consumer confidence rose more than expected in August, hitting the highest level since January 2008.

The Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to tick down to 79.0.

The kiwi was higher against the Australian dollar with AUD/NZD sliding 0.39%, to hit 1.1480.

Also Wednesday, official data showed that construction work done in Australia fell 0.3% in the second quarter, confounding expectations for a 1.6% increase, after a 1.9% decline in the three months to March.

Later in the day, the U.S. was to release data on pending home sales.


Forex - NZD/USD slides lower in risk-off trade
 

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