Investing.com – The New Zealand dollar hit a two-day high against its U.S. counterpart on Wednesday, rising on the coat tails of the Australian dollar which hit a fresh record high against the greenback.
NZD/USD hit 0.7957 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 0.7943, gaining 0.71%.
The pair was likely to find support at 0.7820, Tuesday’s low and a one-week low and resistance at 0.8001, Monday’s high and a multi-year high.
The Aussie’s gains came after official data showed that Australian export prices rose faster than import prices in the first quarter, fuelling expectations for fresh rate increases by the Reserve Bank of Australia this year.
The kiwi was also supported by the latest auction of global dairy giant Fonterra, where dairy commodity prices inched higher after falling in the previous two sales.
The kiwi was also higher against the yen, with NZD/JPY rallying 0.98% to hit 65.77.
Later Wednesday, the U.S. was to publish industry data on existing home sales.
NZD/USD hit 0.7957 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 0.7943, gaining 0.71%.
The pair was likely to find support at 0.7820, Tuesday’s low and a one-week low and resistance at 0.8001, Monday’s high and a multi-year high.
The Aussie’s gains came after official data showed that Australian export prices rose faster than import prices in the first quarter, fuelling expectations for fresh rate increases by the Reserve Bank of Australia this year.
The kiwi was also supported by the latest auction of global dairy giant Fonterra, where dairy commodity prices inched higher after falling in the previous two sales.
The kiwi was also higher against the yen, with NZD/JPY rallying 0.98% to hit 65.77.
Later Wednesday, the U.S. was to publish industry data on existing home sales.