Investing.com - The New Zealand dollar was almost unchanged against its U.S. counterpart on Tuesday, as markets were jittery ahead of the Federal Reserve's upcoming policy meeting, set to begin later in the day.
NZD/USD hit 0.8191 during late Asian trade, the session high; the pair subsequently consolidated at 0.8177, inching up 0.07%.
The pair was likely to find support at 0.8038, the low of September 11 and resistance at 0.8272, the high of May 16.
Investors remained cautious ahead of the outcome of the Fed's policy meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback weakened broadly on Monday, after Lawrence Summers pulled out of the race to succeed Ben Bernanke as the next Fed chairman. Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
The kiwi was steady against the Australian dollar with AUD/NZD easing 0.01%, to hit 1.1401.
Also Tuesday, the minutes of the Reserve Bank of Australia's September 3 policy meeting showed that the central bank retains the option of reducing interest rates and said a further drop in the Australian dollar would help the economy.
Separately, official data showed that new motor vehicle sales rose 0.8% in August, after a downwardly revised 3.6% decline the previous month.
Later in the day, the U.S. was to release data on consumer price inflation.
NZD/USD hit 0.8191 during late Asian trade, the session high; the pair subsequently consolidated at 0.8177, inching up 0.07%.
The pair was likely to find support at 0.8038, the low of September 11 and resistance at 0.8272, the high of May 16.
Investors remained cautious ahead of the outcome of the Fed's policy meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback weakened broadly on Monday, after Lawrence Summers pulled out of the race to succeed Ben Bernanke as the next Fed chairman. Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
The kiwi was steady against the Australian dollar with AUD/NZD easing 0.01%, to hit 1.1401.
Also Tuesday, the minutes of the Reserve Bank of Australia's September 3 policy meeting showed that the central bank retains the option of reducing interest rates and said a further drop in the Australian dollar would help the economy.
Separately, official data showed that new motor vehicle sales rose 0.8% in August, after a downwardly revised 3.6% decline the previous month.
Later in the day, the U.S. was to release data on consumer price inflation.