Investing.com - The New Zealand dollar was trading in a tight range against its U.S. counterpart on Monday, as investors remained cautious ahead of testimony by Federal Reserve Chairman Ben Bernanke to Senate on Tuesday and Wednesday.
NZD/USD hit 0.7952 during late Asian trade, the session low; the pair subsequently consolidated at 0.7961, inching up 0.04%.
The pair was likely to find support at 0.7883, Friday’s low and near-term resistance at 0.7997, the high of July 11.
Investors were looking ahead to Bernanke's testimony to Congress on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
Trade volumes remained light on Monday, with markets in Japan closed for a national holiday.
The kiwi was higher against the euro, with EUR/NZD shedding 0.22% to trade at 1.5354 and remained little changed against its Australian cousin, with AUD/NZD inching down 0.03% to 1.2841.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.
NZD/USD hit 0.7952 during late Asian trade, the session low; the pair subsequently consolidated at 0.7961, inching up 0.04%.
The pair was likely to find support at 0.7883, Friday’s low and near-term resistance at 0.7997, the high of July 11.
Investors were looking ahead to Bernanke's testimony to Congress on Tuesday, amid ongoing speculation over whether the U.S. central bank will introduce more easing to stimulate the economy.
In June, Bernanke said the Fed remained prepared to take additional steps to support economic growth if necessary, including additional asset purchases.
Trade volumes remained light on Monday, with markets in Japan closed for a national holiday.
The kiwi was higher against the euro, with EUR/NZD shedding 0.22% to trade at 1.5354 and remained little changed against its Australian cousin, with AUD/NZD inching down 0.03% to 1.2841.
Later in the day, the U.S. was to publish official data on retail sales and business inventories, as well as a report on manufacturing activity in New York.