Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Wednesday, as markets were eyeing the Reserve Bank of New Zealand's policy statement later in the day, while concerns over the economy in China continued to weigh.
NZD/USD hit 0.8483 during late Asian trade, the session high; the pair subsequently consolidated at 0.8478, easing up 0.09%.
The pair was likely to find support at 0.8407, the low of March 6 and resistance at 0.8524, the high of March 7 and a four-and-a-half month high.
Investors remained cautious amid worries over the outlook for China’s economy after data over the weekend showed that exports dropped 18.1% in February and inflation slowed.
Markets were also eyeing the standoff between Russia and the West over Ukraine. Ukraine’s interim Prime Minister Arseniy Yatsenyuk was to travel to the U.S. to meet President Barack Obama on Wednesday, as diplomatic efforts to resolve the crisis continued.
The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.25% to 1.0570.
Also Wednesday, the Westpac Banking Corporation said consumer sentiment in Australia fell 0.7% in March, after a 3% decline the previous month.
A separate report showed that home loans in Australia were flat in January, compared to expectations for a 0.5% fall. Home loans in December were revised down to a 3.3% decline from a previously estimated 1.9% drop.