Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Forex - NZD/USD steady as global growth concerns weigh

Published 07/03/2012, 02:59 AM
NZD/USD
-
AUD/NZD
-
Investing.com - The New Zealand dollar was steady against its U.S. counterpart, as market sentiment remained fragile amid sustained concerns over the handling of the euro zone’s debt crisis and global economic growth.

NZD/USD hit 0.8062 during late Asian trade, the pair’s highest since May 3; the pair subsequently consolidated at 0.8041, easing up 0.06%.

The pair was likely to find support at 0.7936, the low of May 4 and resistance at 0.8105, the high of May 3.

Market sentiment remained under pressure after a string of weak data from the euro zone and the U.S. added to concerns over the perspective for global economic growth. 

Investors were also wary over the long-term effectiveness of measures announced last week to tackle the euro zone’s debt crisis and uncertainty over how and when the measures can be implemented.

Meanwhile, markets were eyeing the outcome of the European Central Bank’s policy meeting on Thursday, amid growing expectations for a rate cut to support the faltering economy.

Elsewhere, the kiwi was fractionally lower against the Australian dollar with AUD/NZD edging up 0.09%, to hit 1.2763.

Also Tuesday, the Reserve Bank of Australia held its benchmark interest rate at 3.50%, saying the economy continued to grow in the first part of 2012, at a pace somewhat stronger than earlier indicated.

In addition, official data showed that building approvals in Australia jumped by 27.3% in May, blowing past expectations for a 5.1% rise and following a 7.6% drop the previous month.

Later in the day, the U.S. was to release official data on factory orders.


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.