Investing.com – The New Zealand dollar was lower against its U.S. counterpart on Tuesday, after Australia’s central bank left interest rates unchanged and as commodity prices declined.
NZD/USD hit 0.8014 during late Asian trade, the pair’s lowest since Friday, the pair subsequently consolidated at 0.8040, shedding 0.30%.
The pair was likely to find support at 0.7969, the low of April 28 and resistance at 0.8119, Monday’s high and a multi-year high.
Earlier in the day, the Reserve Bank of Australia held the overnight cash rate at 4.75%, indicating that the record strength of the Australian dollar will contain consumer prices until late this year.
The RBA has kept rates unchanged since November after massive flooding damaged crops and disrupted coal mining in Queensland state.
Elsewhere, oil and copper prices eased as investors focused on the still-fragile state of the recovery in many developed economies.
Meanwhile, the kiwi was up against its Australian cousin, with AUD/NZD shedding 0.20% to hit 1.3541.
Later Tuesday, the U.S. was to release government data on factory orders.
NZD/USD hit 0.8014 during late Asian trade, the pair’s lowest since Friday, the pair subsequently consolidated at 0.8040, shedding 0.30%.
The pair was likely to find support at 0.7969, the low of April 28 and resistance at 0.8119, Monday’s high and a multi-year high.
Earlier in the day, the Reserve Bank of Australia held the overnight cash rate at 4.75%, indicating that the record strength of the Australian dollar will contain consumer prices until late this year.
The RBA has kept rates unchanged since November after massive flooding damaged crops and disrupted coal mining in Queensland state.
Elsewhere, oil and copper prices eased as investors focused on the still-fragile state of the recovery in many developed economies.
Meanwhile, the kiwi was up against its Australian cousin, with AUD/NZD shedding 0.20% to hit 1.3541.
Later Tuesday, the U.S. was to release government data on factory orders.