Investing.com - The New Zealand dollar was trading near a two-year high against its U.S. counterpart on Thursday, boosted by strong manufacturing data from New Zealand, although downbeat reports from the euro zone limited gains.
NZD/USD hit 0.8492 during late Asian trade, the pair's highest since February 9, 2011; the pair subsequently consolidated at 0.8482, rising 0.36%.
The pair was likely to find support at 0.8450, the session low and resistance at 0.8546, the high of February 9.
In a report, Business New Zealand said that its index of manufacturing activity hit a seven-month high in January, rising to 55.2 from a reading of 50.4 the previous month.
But sentiment remained under pressure as fresh euro zone concerns were sparked by official data showing that Germany’s economy, the bloc's largest, contracted by 0.6% in the in the fourth quarter, worse than expectations for a 0.5% fall, after a 0.2% expansion in the three months to September.
Separately, France’s economy also contracted more than forecast, with gross domestic product falling by 0.3%, from 0.1% growth in the third quarter. Economists had forecast a contraction of 0.2% in the fourth quarter.
Elsewhere, the kiwi was higher agains the Australian dollar with AUD/NZD shedding 0.37%, to hit 1.2207.
Also Thursday, the Melbourne Institute said that its inflation expectations for Australia rose to 2.2% in January from 2.0% the previous month.
Later in the day, the U.S. was to release the weekly government report on initial jobless claims.
NZD/USD hit 0.8492 during late Asian trade, the pair's highest since February 9, 2011; the pair subsequently consolidated at 0.8482, rising 0.36%.
The pair was likely to find support at 0.8450, the session low and resistance at 0.8546, the high of February 9.
In a report, Business New Zealand said that its index of manufacturing activity hit a seven-month high in January, rising to 55.2 from a reading of 50.4 the previous month.
But sentiment remained under pressure as fresh euro zone concerns were sparked by official data showing that Germany’s economy, the bloc's largest, contracted by 0.6% in the in the fourth quarter, worse than expectations for a 0.5% fall, after a 0.2% expansion in the three months to September.
Separately, France’s economy also contracted more than forecast, with gross domestic product falling by 0.3%, from 0.1% growth in the third quarter. Economists had forecast a contraction of 0.2% in the fourth quarter.
Elsewhere, the kiwi was higher agains the Australian dollar with AUD/NZD shedding 0.37%, to hit 1.2207.
Also Thursday, the Melbourne Institute said that its inflation expectations for Australia rose to 2.2% in January from 2.0% the previous month.
Later in the day, the U.S. was to release the weekly government report on initial jobless claims.