Investing.com - The New Zealand dollar was higher against its U.S. counterpart on Tuesday, despite a report showing that business confidence slightly declined in New Zealand in the last quarter, as demand for the greenback remained under pressure.
NZD/USD hit 0.8642 during late Asian trade, the pair's highest since April 1; the pair subsequently consolidated at 0.8639, gaining 0.47%.
The pair was likely to find support at 0.8531, the low of April 4 and resistance at 0.8685, the high of March 31.
In a report, the New Zealand Institute of Economic Research said its business confidence index ticked down to 52 in the first quarter, from a reading of 53 in the fourth quarter, whose figure was revised up from a previously estimated reading of 52.
Meanwhile, sentiment on the greenback still remained vulnerable after last week’s U.S. payrolls report disappointed some market expectations for a stronger number.
Investors were eyeing Wednesday’s minutes of the Federal Reserve’s March meeting for further indications on the future direction of monetary policy.
The kiwi was higher against the euro, with EUR/NZD retreating 0.48% to 1.5903.