Investing.com - The New Zealand dollar rose to two-month highs against its U.S. counterpart on Monday, as uncertainty over the timing of a U.S. rate hike continued to weigh on demand for the greenback.
NZD/USD hit 0.7664 during late Asian trade, the pair's highest since January 21; the pair subsequently consolidated at 0.7603, gaining 0.50%.
The pair was likely to find support at 0.7540, the low of March 4 and resistance at 0.7712, the high of January 21.
The greenback remained under pressure amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections last week.
However, despite the past week’s reversal the U.S. dollar was likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.
The kiwi was higher against the Australian dollar, with AUD/NZD shedding 0.49% to 1.0232.
Later in the day, the U.S. was to release a report on existing home sales.