Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Tuesday, as the greenback came under pressure ahead of the Federal Reserve's monthly policy statement due on Wednesday.
NZD/USD hit 0.7910 during late Asian trade, the pair's highest since October 23; the pair subsequently consolidated at 0.7901, adding 0.09%.
The pair was likely to find support at 0.7793, the low of October 24 and resistance at 0.7992, the high of October 22.
Investors were awaiting the conclusion of the Fed’s two day meeting on Wednesday for any indications that a slowdown in growth in Europe or China could prompt the U.S. central bank to delay possible rate hikes.
The Fed was widely expected to wind up its asset purchasing stimulus program, known as quantitative easing.
The greenback was also hit after data on Monday showed that the U.S. service sector expanded at the slowest rate in six months in October as new order growth slowed and business confidence declined.
A separate report showed that U.S. pending homes sales rose just 0.3% in September, missing forecasts for a 0.5% gain.
The kiwi was lower against the Australian dollar, with AUD/NZD rising 0.22% to 1.1174.
Later in the day, the U.S. was to release data on durable goods orders and a report by the Conference Board on consumer confidence.