Investing.com - The New Zealand dollar was steady against its U.S. counterpart in quiet trade on Monday, as trading volumes were expected to remain thin with no major U.S. data to be released throughout the session.
NZD/USD hit 0.8808 during late Asian trade, the session low; the pair subsequently consolidated at 0.8811, inching down 0.05%.
The pair was likely to find support at 0.8748, the low of July 8 and resistance at 0.8836.
Sentiment on the greenback remained vulnerable after last week's minutes of the Federal Reserve’s June meeting showed that officials agreed to end the bank’s asset purchase program in October, but revealed little new information on when rates could start to increase.
Meanwhile, market sentiment recovered after concerns over the fiscal stability of Portugal’s Banco Espirito Santo fuelled a sharp selloff in markets on Thursday, amid fears over the risk of contagion. Concerns eased after Portugal’s central bank said Friday it was satisfied that the lender is able to fulfill its capital requirements.
The kiwi was fractionally lower against the Australian dollar, with AUD/NZD adding 0.10% to 1.0667.