Investing.com - The New Zealand dollar edged higher against the U.S. dollar in thin trade on Wednesday, as investors awaited the outcome of the Federal Reserve’s latest policy meeting later in the day.
NZD/USD hit 0.8583 during late Asian trade, the session high; the pair subsequently consolidated at 0.8572, inching up 0.09%.
The pair was likely to find support at 0.8540, Tuesday’s low and near-term resistance at 0.8584, Tuesday’s high and a two-week high.
The New Zealand dollar was little changed after official data showed that China’s manufacturing purchasing managers' index ticked down to 50.6 from an 11-month high of 50.9 in March, as new export orders fell.
Trade volumes remained light during the Asian session with most markets closed for holidays, while many bourses in Europe were set to remain shut for the Labor Day holiday.
The greenback’s gains looked likely to remain limited ahead of the outcome of the Federal Reserve’s policy meeting later in the session after recent soft U.S. economic data dampened expectations for an earlier-than-expected end to the Fed’s asset purchase program.
Data on Tuesday showed that the Chicago purchasing managers’ index dropped 49.0 in April from 52.4 in March, the lowest level since September 2009.
The data came after a report last week showed that the U.S. economy grew 2.5% in the first quarter, falling short of expectations for 3.0% growth.
The kiwi was higher against the Australian dollar and the yen, with AUD/NZD down 0.24% to 1.2078 and NZD/JPY easing up 0.11% to 83.51.
The U.S. was to release data on ADP nonfarm payrolls report later in the trading day, while the Institute of Supply Management was release a report on manufacturing activity.
NZD/USD hit 0.8583 during late Asian trade, the session high; the pair subsequently consolidated at 0.8572, inching up 0.09%.
The pair was likely to find support at 0.8540, Tuesday’s low and near-term resistance at 0.8584, Tuesday’s high and a two-week high.
The New Zealand dollar was little changed after official data showed that China’s manufacturing purchasing managers' index ticked down to 50.6 from an 11-month high of 50.9 in March, as new export orders fell.
Trade volumes remained light during the Asian session with most markets closed for holidays, while many bourses in Europe were set to remain shut for the Labor Day holiday.
The greenback’s gains looked likely to remain limited ahead of the outcome of the Federal Reserve’s policy meeting later in the session after recent soft U.S. economic data dampened expectations for an earlier-than-expected end to the Fed’s asset purchase program.
Data on Tuesday showed that the Chicago purchasing managers’ index dropped 49.0 in April from 52.4 in March, the lowest level since September 2009.
The data came after a report last week showed that the U.S. economy grew 2.5% in the first quarter, falling short of expectations for 3.0% growth.
The kiwi was higher against the Australian dollar and the yen, with AUD/NZD down 0.24% to 1.2078 and NZD/JPY easing up 0.11% to 83.51.
The U.S. was to release data on ADP nonfarm payrolls report later in the trading day, while the Institute of Supply Management was release a report on manufacturing activity.