Investing.com - The New Zealand fell against its U.S. counterpart on Wednesday, trading close to a five-month low as ongoing concerns over financial turmoil in Greece and the handling of the euro zone’s debt crisis weighed on sentiment ahead of a European summit later in the day.
NZD/USD hit 0.7488 during late Asian trade, the pair’s lowest since December 15; the pair subsequently consolidated at 0.7515, declining 0.38%.
The pair was likely to find support at 0.7460, the low of December 15 and resistance at 0.7577, the high of December 14.
The risk-related kiwi came under pressure earlier, after former Greek Prime Minister Lucas Papademos said late Tuesday that Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but was real.
Meanwhile, investors eyed a key meeting of European leaders later in the day, amid concerns over a divide between France's new President Francois Hollande, who favors measures designed to support growth and pro-austerity Germany.
President Hollande was expected to propose the introduction of joint euro bonds at the summit, but Germany has repeatedly resisted the idea, arguing they would lessen pressure for heavily indebted countries to get their finances in order.
The kiwi was steady against the Australian dollar with AUD/NZD inching 0.05% higher, to hit 1.3008.
Also Wednesday, a report by the Conference Board showed that its leading index for Australia rose 0.2% in March, after a flat reading the previous month.
A separate report by the Melbourne Institute showed that its leading index for Australia rose 0.4% in March, following a flat reading in February.
Later in the day, the U.S. was to publish official data on new home sales.
NZD/USD hit 0.7488 during late Asian trade, the pair’s lowest since December 15; the pair subsequently consolidated at 0.7515, declining 0.38%.
The pair was likely to find support at 0.7460, the low of December 15 and resistance at 0.7577, the high of December 14.
The risk-related kiwi came under pressure earlier, after former Greek Prime Minister Lucas Papademos said late Tuesday that Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but was real.
Meanwhile, investors eyed a key meeting of European leaders later in the day, amid concerns over a divide between France's new President Francois Hollande, who favors measures designed to support growth and pro-austerity Germany.
President Hollande was expected to propose the introduction of joint euro bonds at the summit, but Germany has repeatedly resisted the idea, arguing they would lessen pressure for heavily indebted countries to get their finances in order.
The kiwi was steady against the Australian dollar with AUD/NZD inching 0.05% higher, to hit 1.3008.
Also Wednesday, a report by the Conference Board showed that its leading index for Australia rose 0.2% in March, after a flat reading the previous month.
A separate report by the Melbourne Institute showed that its leading index for Australia rose 0.4% in March, following a flat reading in February.
Later in the day, the U.S. was to publish official data on new home sales.