June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Forex - NZD/USD hits 2-week high amid Fed easing signals

Published 08/23/2012, 03:16 AM
NZD/USD
-
AUD/NZD
-
Investing.com - The New Zealand dollar rose to a 2-week high against its U.S. counterpart on Thursday, as expectations for fresh easing measures by the Federal Reserve sent the greenback broadly lower, although the kiwi’s gains were limited by global growth concerns.

NZD/USD hit 0.8187 during late Asian trade, the pair’s highest since August 7; the pair subsequently consolidated at 0.8176, rising 0.44%.

The pair was likely to find support at 0.8097, the low of August 9 and resistance at 0.8222, the high of August 6 and a two-month high.

The U.S. dollar came under broad selling pressure after the minutes of the Fed’s August policy meeting showed that officials remain supportive of more stimulus measures unless the economy shows signs of expansion.

Separately, data showing that manufacturing activity in China fell to a nine-month low in August, added to concerns over a global economic slowdown and limited the kiwi’s gains.

China is New Zealand’s second biggest export partner.

Meanwhile, talks between Greece and its lenders seemed likely to continue well into next month, after German Chancellor Angela Merkel said on Wednesday she and Greek Prime Minister Antonis Samaras will not make any decisions during their talks on Friday.

Merkel added that she would wait for the lenders' report on Greek progress in meeting targets, which is not expected until late September.

Elsewhere, the kiwi was higher against the Australian dollar with AUD/NZD shedding 0.24%, to hit 1.2868.

Later in the day, the U.S. was to release its weekly government report on initial jobless claims, followed by preliminary data on manufacturing activity and official data on new home sales.


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.