Investing.com - The New Zealand dollar edged lower against its U.S. counterpart on Monday, but the kiwi remained supported as sentiment improved broadly after Cyprus secured an international bailout.
NZD/USD hit 0.8338 during late Asian trade, the session low; the pair subsequently consolidated at 0.8345, slipping 0.11%.
The pair was likely to find support at 0.8308, the low of March 22 and resistance at 0.8398, the high of February 22.
Market sentiment found support after euro zone finance ministers approved a EUR10 billion bailout for Cyprus that will see the closure of the country’s second largest lender Laiki Bank and inflict heavy losses deposits of more than EUR100,000.
However, all bank deposits under EUR100,000 will be "fully guaranteed".
The head of the eurogroup of euro zone finance ministers, Jeroen Dijsselbloem, said the deal had "put an end to the uncertainty" around Cyprus's economy.
The deal ended a week of uncertainty after a previous agreement that included a levy on deposits in Cypriot banks was rejected by the country's parliament last Tuesday.
The kiwi was lower against the Australian dollar with AUD/NZD rising 0.23%, to hit 1.2532.
Later in the day, New Zealand was to release official data on the trade balance.
Investors were also looking ahead to a speech by Federal Reserve Chairman Ben Bernanke later in the trading day.
Last week, the U.S. central bank announced that it will leave monetary policy unchanged in spite of recent signs that the U.S. recovery is gaining traction.
NZD/USD hit 0.8338 during late Asian trade, the session low; the pair subsequently consolidated at 0.8345, slipping 0.11%.
The pair was likely to find support at 0.8308, the low of March 22 and resistance at 0.8398, the high of February 22.
Market sentiment found support after euro zone finance ministers approved a EUR10 billion bailout for Cyprus that will see the closure of the country’s second largest lender Laiki Bank and inflict heavy losses deposits of more than EUR100,000.
However, all bank deposits under EUR100,000 will be "fully guaranteed".
The head of the eurogroup of euro zone finance ministers, Jeroen Dijsselbloem, said the deal had "put an end to the uncertainty" around Cyprus's economy.
The deal ended a week of uncertainty after a previous agreement that included a levy on deposits in Cypriot banks was rejected by the country's parliament last Tuesday.
The kiwi was lower against the Australian dollar with AUD/NZD rising 0.23%, to hit 1.2532.
Later in the day, New Zealand was to release official data on the trade balance.
Investors were also looking ahead to a speech by Federal Reserve Chairman Ben Bernanke later in the trading day.
Last week, the U.S. central bank announced that it will leave monetary policy unchanged in spite of recent signs that the U.S. recovery is gaining traction.