Investing.com – The New Zealand dollar climbed to a five-week high against its U.S. counterpart on Wednesday, touching its highest level since the February 22 earthquake that devastated Christchurch, lifted by a broad recovery in risk appetite.
NZD/USD hit 0.7608 during late Asian trade, the pair’s highest since February 22; the pair subsequently consolidated at 0.7602, gaining 0.52%.
The pair was likely to find support at 0.7492, Tuesday’s low and resistance at 0.7640, the high of February 22.
The kiwi shrugged off government data showing that home-building approvals dropped to a two-year low in February.
Earlier in the day, Statistics New Zealand said the number of building permits granted in February fell 9.7% to 1,007, after rising by a revised 9.1% the previous month and were the lowest since January 2009.
The report said that the number of building approvals in Christchurch and the surrounding Canterbury province slumped 40% in February, but it was not possible to say how much of the fall was due to the February 22 earthquake.
The kiwi was also up against the yen, with NZD/JPY surging 1.19% to hit 63.08.
Later in the day, the U.S. was to publish a report on private sector employment by payroll processing firm ADP.
NZD/USD hit 0.7608 during late Asian trade, the pair’s highest since February 22; the pair subsequently consolidated at 0.7602, gaining 0.52%.
The pair was likely to find support at 0.7492, Tuesday’s low and resistance at 0.7640, the high of February 22.
The kiwi shrugged off government data showing that home-building approvals dropped to a two-year low in February.
Earlier in the day, Statistics New Zealand said the number of building permits granted in February fell 9.7% to 1,007, after rising by a revised 9.1% the previous month and were the lowest since January 2009.
The report said that the number of building approvals in Christchurch and the surrounding Canterbury province slumped 40% in February, but it was not possible to say how much of the fall was due to the February 22 earthquake.
The kiwi was also up against the yen, with NZD/JPY surging 1.19% to hit 63.08.
Later in the day, the U.S. was to publish a report on private sector employment by payroll processing firm ADP.