Investing.com – The New Zealand dollar rallied to a 12-day high against its U.S. counterpart on Wednesday, boosted by a broadly weaker U.S. dollar and rising commodity prices.
NZD/USD hit 0.7766 during late Asian trade, the pair’s highest since January 3; the pair subsequently consolidated at 0.7761, gaining 0.57%.
The pair was likely to find support at 0.7692, Tuesday’s low and resistance at 0.7813, the high December 31, and a one month high.
Earlier in the day, Fonterra Co-Operative Group Ltd. said its fortnightly Internet-based auction saw average whole-milk powder prices rise 0.5% from the previous auction, further supporting the New Zealand dollar.
Meanwhile, the kiwi slipped lower against the euro, with EUR/NZD easing up 0.13% to hit 1.7364.
Later in the day, New Zealand was to publish official data on consumer price inflation in the last quarter while the U.S. was to release official data on building permits as well as a report on housing starts.
NZD/USD hit 0.7766 during late Asian trade, the pair’s highest since January 3; the pair subsequently consolidated at 0.7761, gaining 0.57%.
The pair was likely to find support at 0.7692, Tuesday’s low and resistance at 0.7813, the high December 31, and a one month high.
Earlier in the day, Fonterra Co-Operative Group Ltd. said its fortnightly Internet-based auction saw average whole-milk powder prices rise 0.5% from the previous auction, further supporting the New Zealand dollar.
Meanwhile, the kiwi slipped lower against the euro, with EUR/NZD easing up 0.13% to hit 1.7364.
Later in the day, New Zealand was to publish official data on consumer price inflation in the last quarter while the U.S. was to release official data on building permits as well as a report on housing starts.