Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Monday, but gains were limited as sustained concerns over the handling of the euro zone’s financial crisis continued to weigh.
NZD/USD hit 0.7826 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7828, adding 0.28%.
The pair was likely to find support at 0.7750, the low of January 2 and resistance at 0.7878, the high of January 5.
Sentiment was weak amid concerns over rising borrowing costs in the euro zone, as markets looked ahead to government debt auctions by Spain and Italy later in the week.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
In New Zealand, official data showed earlier that the country’s trade deficit widened more-than-expected in November, hitting NZD308 million from a deficit of NZD228 million the previous month.
Analysts had expected the trade deficit to hit NZD290 million in November.
Elsewhere, the kiwi was higher against the euro with EUR/NZD shedding 0.12%, to hit 1.6276.
Later Monday, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.
NZD/USD hit 0.7826 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7828, adding 0.28%.
The pair was likely to find support at 0.7750, the low of January 2 and resistance at 0.7878, the high of January 5.
Sentiment was weak amid concerns over rising borrowing costs in the euro zone, as markets looked ahead to government debt auctions by Spain and Italy later in the week.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
In New Zealand, official data showed earlier that the country’s trade deficit widened more-than-expected in November, hitting NZD308 million from a deficit of NZD228 million the previous month.
Analysts had expected the trade deficit to hit NZD290 million in November.
Elsewhere, the kiwi was higher against the euro with EUR/NZD shedding 0.12%, to hit 1.6276.
Later Monday, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.