Investing.com – New Zealand’s dollar was down against its U.S. counterpart on Monday, falling to hit an intra-day low following the release of mixed U.S. economic data on housing and new factory orders.
NZD/USD hit 0.7404 during European afternoon trade, an intra-day low; the pair subsequently consolidated at 0.7446, shedding 0.36%.
The pair was likely to find support at 0.7328, Friday’s low and short-term resistance at 0.7461, Friday’s high.
Earlier in the day, industry data showed that U.S. pending home sales rose more-than-expected in August.
The National Association of Realtors said its pending home sales index increased 4.3% in August, after rising by a revised 4.5% in July. Analysts had expected the pending home sales index to rise by 2.8% in August. Year-on-year, the National Association of Realtors pending home sales index was down 18.4%.
Commenting on the report NAR chief economist Lawrence Yu said, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market”.
Elsewhere, a seperate report showed that U.S. new factory goods orders declined more-than-expected in August.
Meanwhile, the kiwi was up against the euro, with EUR/NZD shedding 0.34% to hit 1.8460.
Later Monday, Federal Treserve chairman Ben Bernanke was due to give a speech. His coments would be closely scrutinized for any clues to the futuredirection of monetary policy.
NZD/USD hit 0.7404 during European afternoon trade, an intra-day low; the pair subsequently consolidated at 0.7446, shedding 0.36%.
The pair was likely to find support at 0.7328, Friday’s low and short-term resistance at 0.7461, Friday’s high.
Earlier in the day, industry data showed that U.S. pending home sales rose more-than-expected in August.
The National Association of Realtors said its pending home sales index increased 4.3% in August, after rising by a revised 4.5% in July. Analysts had expected the pending home sales index to rise by 2.8% in August. Year-on-year, the National Association of Realtors pending home sales index was down 18.4%.
Commenting on the report NAR chief economist Lawrence Yu said, “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market”.
Elsewhere, a seperate report showed that U.S. new factory goods orders declined more-than-expected in August.
Meanwhile, the kiwi was up against the euro, with EUR/NZD shedding 0.34% to hit 1.8460.
Later Monday, Federal Treserve chairman Ben Bernanke was due to give a speech. His coments would be closely scrutinized for any clues to the futuredirection of monetary policy.