Investing.com - The New Zealand dollar edged up against its U.S. counterpart on Monday, hovering near 31-month highs despite a decline in New Zealand business confidence, as speculation over possible stimulus measures in China supported sentiment.
NZD/USD hit 0.8678 during late Asian trade, the pair's highest since August 2011; the pair subsequently consolidated at 0.8665, edging up 0.10%.
The pair was likely to find support at 0.8592, the low of March 27 and resistance at 0.8842.
Data earlier showed that the ANZ busines confidence index fot New Zealand slipped to 67.3 in March, from a reading of 70.8 the previous month.
Meanwhile, risk sentiment remained support after Chinese premier Li Keqiang said Friday the country has policies in place to support economic growth. The remarks eased concerns over recent signs of a slowdown in the world’s second-largest economy.
The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.12% to 1.0664.
Also Monday, the Housing Industry Association said that home sales in Australia rose 4.6% in February, after a 0.5% gain the previous month.
Data also showed that private sector credit in Australia rose 0.4% in February, in line with expectations and after a 0.4% increase the previous month.