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Forex - Kiwi pares sharp gains versus greenback

Published 06/21/2010, 11:21 AM
AUD/NZD
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Investing.com – The New Zealand dollar halted a rally against its U.S. counterpart on Monday, pairing gains, after earlier soaring to a 5-week high on the back of rising risk appetite.

NZD/UDS hit 0.7136 during European afternoon trade, gaining 0.98%, after retreating from 0.7152, the pair’s highest since May 14.

The pair was likely to find support at 0.7017, last Friday’s low, and resistance at 0.7222, the high of May 11.

The kiwi’s earlier gains came after China’s announcement on Saturday that it would allow the yuan to float in a 0.5% daily trading band against the U.S dollar. The move signaled the bank’s increased optimism with regard to China’s economic growth and the global economic recovery.

Meanwhile, the kiwi was down against the Aussie, with AUD/NZD gaining 0.31% to hit 1.2377.

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