Investing.com – The New Zealand dollar edged slightly higher against its U.S. counterpart on Wednesday but gains were limited as the ongoing weakness of the Australian dollar continued to weigh.
NZD/USD hit 0.7617 during late Asian trade, a daily high; the pair subsequently consolidated at 0.7611, easing up 0.08%.
The pair was likely to find support at 0.756, Tuesday’s low and resistance at 0.7645, the high of December 10.
The Australian dollar has remained under pressure amid speculation that worsening floods in the state of Queensland would slow economic growth and deter the Reserve Bank from raising interest rates.
However, the kiwi was supported by a small rebound in risk appetite in Asian markets as gains in commodities and stocks boosted demand for currencies linked to growth.
Meanwhile, the kiwi was lower against the euro, with EUR/NZD climbing 0.14% to hit 1.7081.
Later in the day, the U.S. was to publish a flurry of data, with reports on import prices and the federal budget balance while the Federal Reserve was to publish its Beige Book.
NZD/USD hit 0.7617 during late Asian trade, a daily high; the pair subsequently consolidated at 0.7611, easing up 0.08%.
The pair was likely to find support at 0.756, Tuesday’s low and resistance at 0.7645, the high of December 10.
The Australian dollar has remained under pressure amid speculation that worsening floods in the state of Queensland would slow economic growth and deter the Reserve Bank from raising interest rates.
However, the kiwi was supported by a small rebound in risk appetite in Asian markets as gains in commodities and stocks boosted demand for currencies linked to growth.
Meanwhile, the kiwi was lower against the euro, with EUR/NZD climbing 0.14% to hit 1.7081.
Later in the day, the U.S. was to publish a flurry of data, with reports on import prices and the federal budget balance while the Federal Reserve was to publish its Beige Book.