Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Forex - NZD/USD almost unchanged after RBNZ rate statement

Published 03/14/2013, 04:07 AM
Updated 03/14/2013, 04:08 AM
NZD/USD
-
AUD/NZD
-
Investing.com - The New Zealand dollar was almost unchanged against its U.S. counterpart on Thursday, after the Reserve Bank of New Zealand held interest rates, while recent signs of a strong U.S. economic recovery continued to support demand for the greenback.

NZD/USD hit 0.8202 during late Asian trade, the session high; the pair subsequently consolidated at 0.8184, easing up 0.04%.

The pair was likely to find support at 0.8152, the low of November 23 and resistance at 0.8234, the high of December 30.

In a widely expected move, the RBNZ left the benchmark interest rate unchanged at a record low of 2.50%.

The kiwi weakened however, as central bank officials threatened to cut interest rates in the future, if the currency appreciates unreasonably.

Meanwhile, the greenback remained supported after positive U.S. retail sales data on Wednesday added to optimism that the country's recovery is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.

The Commerce Department said U.S. retail sales rose 1.1% in February, beating expectations for a 0.5% increase, while core retail sales, which exclude automobile sales, climbed 1.0% compared to expectations for a 0.2% gain.

The kiwi was sharply lower against the Australian dollar with AUD/NZD climbing 0.62%, to hit 1.2663.

Also Thursday, official data showed that the Australian economy added 71,500 jobs in February, exceeding expectations for a 9,000 rise, after an increase of 13,000 jobs the previous month.

The report also showed that the unemployment rate in Australia remained unchanged at 5.4% last month, compared to expectations for a rise to 5.5%.

Later in the day, the U.S. was to release government data on producer price inflation and the weekly government report on initial jobless claims.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.