Investing.com - The New Zealand dollar was lower against its U.S. counterpart on Wednesday, despite the release of positive economic data out of New Zealand, as global growth concerns continued to weigh.
NZD/USD hit 0.8457 during late Asian trade, the session low; the pair subsequently consolidated at 0.8470, shedding 0.29%.
The pair was likely to find support at 0.8378, the low of April 15 and resistance at 0.8510, Tuesday's high.
Investors remained cautious after the IMF cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.
But sentiment found some support after data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.
In New Zealand, official data showed that consumer price inflation rose 0.4% in the first quarter, in line with expectations, after a 0.2% decline in the previous quarter.
The kiwi was lower against the euro with EUR/NZD adding 0.30%, to hit 1.5556.
Later in the day, Germany was to hold an auction of 10-year government bonds.
NZD/USD hit 0.8457 during late Asian trade, the session low; the pair subsequently consolidated at 0.8470, shedding 0.29%.
The pair was likely to find support at 0.8378, the low of April 15 and resistance at 0.8510, Tuesday's high.
Investors remained cautious after the IMF cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.
But sentiment found some support after data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.
In New Zealand, official data showed that consumer price inflation rose 0.4% in the first quarter, in line with expectations, after a 0.2% decline in the previous quarter.
The kiwi was lower against the euro with EUR/NZD adding 0.30%, to hit 1.5556.
Later in the day, Germany was to hold an auction of 10-year government bonds.