Investing.com - The New Zealand dollar rose to a more than two-month high against its U.S. counterpart on Tuesday, as upbeat Chinese growth data overshadowed lingering concerns over the handling of the debt crisis in the euro zone.
NZD/USD hit 0.8002 during late Asian trade, the pair’s highest since November 1; the pair subsequently consolidated at 0.8002, gaining 0.83%.
The pair was likely to find support at 0.7916, Monday’s low and resistance at 0.8066, the high of October 17.
Chinese gross domestic product grew at an annualized rate of 8.9% in the fourth quarter, slowing from the previous quarter’s 9.1% rate, but slightly better than expectations for an 8.8% increase.
The data came after ratings agency Standard and Poor’s downgraded the euro zone’s bailout fund, the European Financial Stability Facility, by one notch to AA+.
S&P said the decision was inevitable following Friday’s downgrade of France and Austria, two of the EFSF's guarantors.
Earlier Tuesday, the New Zealand Institute of Economic Research said its index of business confidence fell to zero in the fourth quarter from a reading of 25 the previous quarter.
Elsewhere, the kiwi was higher against the euro with EUR/NZD shedding 0.11%, to hit 1.5943.
Later in the day, the U.S. was to produce a report on manufacturing activity in New York State.
NZD/USD hit 0.8002 during late Asian trade, the pair’s highest since November 1; the pair subsequently consolidated at 0.8002, gaining 0.83%.
The pair was likely to find support at 0.7916, Monday’s low and resistance at 0.8066, the high of October 17.
Chinese gross domestic product grew at an annualized rate of 8.9% in the fourth quarter, slowing from the previous quarter’s 9.1% rate, but slightly better than expectations for an 8.8% increase.
The data came after ratings agency Standard and Poor’s downgraded the euro zone’s bailout fund, the European Financial Stability Facility, by one notch to AA+.
S&P said the decision was inevitable following Friday’s downgrade of France and Austria, two of the EFSF's guarantors.
Earlier Tuesday, the New Zealand Institute of Economic Research said its index of business confidence fell to zero in the fourth quarter from a reading of 25 the previous quarter.
Elsewhere, the kiwi was higher against the euro with EUR/NZD shedding 0.11%, to hit 1.5943.
Later in the day, the U.S. was to produce a report on manufacturing activity in New York State.