Investing.com – New Zealand’s dollar dipped against its U.S. counterpart on Wednesday, as markets awaited the Reserve Bank of New Zealand benchmark interest rate decision and rate statement.
NZD/USD hit 0.766 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7681, slipping 0.06%.
The pair was likely to find support at 0.7621, Tuesday’s low and resistance at 0.7746, the high of January 17.
New Zealand’s central bank was widely expected to hold the official cash rate at 3.0% but markets were looking towards the rate statement for any hints that the bank wanted to push back the timing of the next rate hike.
Earlier in the day, New Zealand’s Prime Minister John Key said the country’s budget in 2011 will focus squarely on savings and investment. He said the country was expected to return to a budget surplus in 2015, a year earlier than previously forecast.
The kiwi was also slightly lower against the euro, with EUR/NZD easing up 0.02% to hit 1.7797.
Also Wednesday, the Federal Reserve was to announce its Federal Funds Rate while the U.S. was to publish official data on new home sales.
NZD/USD hit 0.766 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7681, slipping 0.06%.
The pair was likely to find support at 0.7621, Tuesday’s low and resistance at 0.7746, the high of January 17.
New Zealand’s central bank was widely expected to hold the official cash rate at 3.0% but markets were looking towards the rate statement for any hints that the bank wanted to push back the timing of the next rate hike.
Earlier in the day, New Zealand’s Prime Minister John Key said the country’s budget in 2011 will focus squarely on savings and investment. He said the country was expected to return to a budget surplus in 2015, a year earlier than previously forecast.
The kiwi was also slightly lower against the euro, with EUR/NZD easing up 0.02% to hit 1.7797.
Also Wednesday, the Federal Reserve was to announce its Federal Funds Rate while the U.S. was to publish official data on new home sales.