Investing.com - The New Zealand dollar was lower against its U.S. counterpart on Thursday, after the Reserve Bank of New Zealand left interest rates unchanged and said the kiwi still remains overvalued.
NZD/USD hit 0.7896 during late Asian trade, the session low; the pair subsequently consolidated at 0.7947, declining 0.43%.
The pair was likely to find support at 0.7866, Wednesday's low and resistance at 0.8024, Wednesday's high.
At the end of its monthly policy-setting meeting, the RBNZ held its benchmark interest rate at 2.50%, in a widely expected move.
Commenting on the decision, RBNZ Governor Graeme Wheeler said that "despite having fallen over the past few weeks, the New Zealand dollar remains overvalued and continues to be a headwind for the tradables sector."
The central bank also cut its growth forecast for the year through March 2014 to 3% from 3.3%, and left its projection for the following year at 2.8%.
The kiwi was also lower against the euro with EUR/NZD advancing 0.74%, to hit 1.6833.
Later in the day, the U.S. was to release official data on retail sales and the weekly government report on initial jobless claims.
NZD/USD hit 0.7896 during late Asian trade, the session low; the pair subsequently consolidated at 0.7947, declining 0.43%.
The pair was likely to find support at 0.7866, Wednesday's low and resistance at 0.8024, Wednesday's high.
At the end of its monthly policy-setting meeting, the RBNZ held its benchmark interest rate at 2.50%, in a widely expected move.
Commenting on the decision, RBNZ Governor Graeme Wheeler said that "despite having fallen over the past few weeks, the New Zealand dollar remains overvalued and continues to be a headwind for the tradables sector."
The central bank also cut its growth forecast for the year through March 2014 to 3% from 3.3%, and left its projection for the following year at 2.8%.
The kiwi was also lower against the euro with EUR/NZD advancing 0.74%, to hit 1.6833.
Later in the day, the U.S. was to release official data on retail sales and the weekly government report on initial jobless claims.