Investing.com - The New Zealand dollar was trading near four-month highs against its U.S. counterpart on Monday, as demand for the greenback weakened ahead of the Federal Reserve's upcoming policy meeting this week.
NZD/USD hit 0.8228 during late Asian trade, the session high; the pair subsequently consolidated at 0.8205, climbing 0.89%.
The pair was likely to find support at 0.8109, the low of September 12 and resistance at 0.8302, the high of May 14.
Investors were eyeing Wednesday’s outcome of the upcoming Fed meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback also came under pressure after Lawrence Summers pulled out of the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
In New Zealand, the Westpac Banking Corporation said its consumer sentiment index fell to 115.4 in the third quarter, from a reading of 116.6 in the previous quarter.
The kiwi was also higher against the euro with EUR/NZD shedding 0.31%, to hit 1.6295.
Later in the day, the U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.
NZD/USD hit 0.8228 during late Asian trade, the session high; the pair subsequently consolidated at 0.8205, climbing 0.89%.
The pair was likely to find support at 0.8109, the low of September 12 and resistance at 0.8302, the high of May 14.
Investors were eyeing Wednesday’s outcome of the upcoming Fed meeting, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program.
The greenback also came under pressure after Lawrence Summers pulled out of the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
In New Zealand, the Westpac Banking Corporation said its consumer sentiment index fell to 115.4 in the third quarter, from a reading of 116.6 in the previous quarter.
The kiwi was also higher against the euro with EUR/NZD shedding 0.31%, to hit 1.6295.
Later in the day, the U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.