Forex - NZD/USD hits 2-day low on increased safe haven demand

Published 09/14/2011, 03:28 AM
NZD/USD
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AUD/NZD
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Investing.com – The New Zealand dollar fell to a two-day low against its U.S. counterpart on Wednesday, as growing concerns over the debt crisis in the euro zone and a weaker Australian dollar after data showing a downward revision to inflation weighed.

NZD/USD hit 0.8143 during late Asian trade, the pair’s lowest since Monday; the pair subsequently consolidated at 0.8191, shedding 0.44%.

The pair was likely to find support at 0.8117, Monday’s low and a one-month low and resistance at 0.8264, the days high.

The New Zealand dollar fell earlier after the Australian Bureau of Statistics said core inflation rose by 0.6% in the second quarter from the first. At the end of July, it reported a rise of 0.9% for the second quarter.

Meanwhile, risk appetite was also hit after Chinese Premier Wen Jiabao Wen said China can offer “a helping hand” to Europe but urged euro zone nations to “put their own houses in order” and stop the debt crisis from growing.

Elsewhere, the kiwi was higher against its Australian cousin, with AUD/NZD shedding 0.30% to hit 1.2488.

Later in the day, Greek Prime Minister George Papandreou was to hold a conference call with German Chancellor Angela Merkel and French President Nicolas Sarkozy, to discuss developments in Greece.

In addition, the U.S. was to produce official data on producer price inflation and retail sales.


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