Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Wednesday, but gains were expected to remain limited amid growing hopes the Federal Reserve may taper its stimulus program.
NZD/USD hit 0.7752 during late Asian trade, the session high; the pair subsequently consolidated at 0.7756, edging 0.19% higher.
The pair was likely to find support at 0.7684, the low of June 24 and a multi-month low and resistance at 0.7807, the high of June 21.
U.S. consumer confidence rose to highest level since January 2008 in the current month, data on Tuesday showed, while another report showed that U.S. new home sales rose to an almost five year high May.
A separate report showed that U.S. durable goods orders rose unexpectedly in May.
Fed Chairman Ben Bernanke said last week that the bank could begin tapering asset purchases by the end of this year if the economy continues to pick up.
Separately, fears over a credit squeeze in China eased after the country’s central bank indicated Tuesday that it was acting to support financial institutions with liquidity.
The kiwi was steady against the Australian dollar with AUD/NZD dipping 0.01%, to hit 1.1973.
Later in the day, the U.S. was to release revised data on first quarter economic growth.
NZD/USD hit 0.7752 during late Asian trade, the session high; the pair subsequently consolidated at 0.7756, edging 0.19% higher.
The pair was likely to find support at 0.7684, the low of June 24 and a multi-month low and resistance at 0.7807, the high of June 21.
U.S. consumer confidence rose to highest level since January 2008 in the current month, data on Tuesday showed, while another report showed that U.S. new home sales rose to an almost five year high May.
A separate report showed that U.S. durable goods orders rose unexpectedly in May.
Fed Chairman Ben Bernanke said last week that the bank could begin tapering asset purchases by the end of this year if the economy continues to pick up.
Separately, fears over a credit squeeze in China eased after the country’s central bank indicated Tuesday that it was acting to support financial institutions with liquidity.
The kiwi was steady against the Australian dollar with AUD/NZD dipping 0.01%, to hit 1.1973.
Later in the day, the U.S. was to release revised data on first quarter economic growth.