Investing.com – The New Zealand dollar fell to a four day low against its U.S. counterpart on Thursday, after the U.S. central bank chief signaled the recovery in the U.S. economy was still fragile and amid concerns over further interest rate hikes in China.
NZD/USD hit 0.7671 during European morning trade, the pair’s lowest since February 4; the pair subsequently consolidated at 0.767, shedding 0.64%.
The pair was likely to find support at 0.7621, the low of January 25 and resistance at 0.7755, Wednesday’s high.
On Wednesday, Federal Reserve Chairman Ben Bernanke, testifying in Congress, gave no indication that the central bank would cut short its bond buying programme, or raise interest rates down the road.
Bernanke acknowledged renewed momentum in the economy, saying a drop in the jobless rate to 9% was grounds for optimism while adding that hiring was still anaemic.
Mreanwhile, on Thursday, an economist at a Chinese government think tank told the central bank-backed China Financial News that the country’s consumer price index in January and February was likely to exceed 5.0%.
The kiwi was also slightly lower against the euro, with EUR/NZD easing up 0.02% to hit 1.7779.
Later in the day, the U.S. was to release its key weekly report on initial jobless claims.
NZD/USD hit 0.7671 during European morning trade, the pair’s lowest since February 4; the pair subsequently consolidated at 0.767, shedding 0.64%.
The pair was likely to find support at 0.7621, the low of January 25 and resistance at 0.7755, Wednesday’s high.
On Wednesday, Federal Reserve Chairman Ben Bernanke, testifying in Congress, gave no indication that the central bank would cut short its bond buying programme, or raise interest rates down the road.
Bernanke acknowledged renewed momentum in the economy, saying a drop in the jobless rate to 9% was grounds for optimism while adding that hiring was still anaemic.
Mreanwhile, on Thursday, an economist at a Chinese government think tank told the central bank-backed China Financial News that the country’s consumer price index in January and February was likely to exceed 5.0%.
The kiwi was also slightly lower against the euro, with EUR/NZD easing up 0.02% to hit 1.7779.
Later in the day, the U.S. was to release its key weekly report on initial jobless claims.