Investing.com – The New Zealand dollar rebounded from a 10-week low against its U.S. counterpart on Thursday, after falling sharply on Wednesday, when Prime Minister John Key said he expected the central bank to cut interest rates next week.
NZD/USD hit 0.7464 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7442, gaining 0.14%.
The pair was likely to find support at 0.7382, Wednesday’s low and a 10-week low and resistance at 0.7532, Tuesday’s high.
On Wednesday, Prime Minister Key said he expected the Reserve Bank of New Zealand to cut interest rates at its March policy setting meeting, to support the nation’s economic recovery, following the 6.3 magnitude earthquake which struck the city of Christchurch on February 22.
The RBNZ made no comment on the prime minister’s remarks.
Preliminary estimates from the country’s Treasury have put the costs from September’s tremor and last week’s earthquake at as much as NZD20 billion.
The kiwi was also up against the euro, with EUR/NZD slipping 0.15% to hit 1.3652.
Later in the day, the U.S. was to release key weekly data on initial jobless claims, as well as a report on service sector activity.
NZD/USD hit 0.7464 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7442, gaining 0.14%.
The pair was likely to find support at 0.7382, Wednesday’s low and a 10-week low and resistance at 0.7532, Tuesday’s high.
On Wednesday, Prime Minister Key said he expected the Reserve Bank of New Zealand to cut interest rates at its March policy setting meeting, to support the nation’s economic recovery, following the 6.3 magnitude earthquake which struck the city of Christchurch on February 22.
The RBNZ made no comment on the prime minister’s remarks.
Preliminary estimates from the country’s Treasury have put the costs from September’s tremor and last week’s earthquake at as much as NZD20 billion.
The kiwi was also up against the euro, with EUR/NZD slipping 0.15% to hit 1.3652.
Later in the day, the U.S. was to release key weekly data on initial jobless claims, as well as a report on service sector activity.