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Forex - NZD/USD slips close to 2-month lows despite N.Z. trade data

Published 05/26/2015, 02:52 AM
Kiwi edges lower near 2-month trough vs. stronger greenback
NZD/USD
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EUR/NZD
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Investing.com - The New Zealand dollar slipped against its U.S. counterpart on Tuesday, moving close to a two-month low even after data showed that New Zealand's trade surplus narrowed less than expected last month.

NZD/USD hit 0.7298 during late Asian trade, the session low; the pair subsequently consolidated at 0.7294, edging down 0.21%.

The pair was likely to find support at 0.7272, the low of March 18 and resistance at 0.7357, the high of May 21.

In a report, Statistics New Zealand said that the country's trade surplus narrowed to NZ$123 million in April from NZ$754 million in March, whose figure was revised from a previously estimated surplus of NZ$631 million.

Analysts had expected the trade surplus to narrow to NZ$100 million last month.

Meanwhile, demand for the greenback remained supported after data on Friday showed that U.S. core consumer prices rose 0.3% in April and were 1.8% higher on a year-over-year basis, the largest increase since October.

The U.S. dollar was also boosted after Federal Reserve Chair Janet Yellen reiterated that the bank still expected to start raising interest rates later this year if the economy continued to improve as expected.

The kiwi was higher against the euro, with EUR/NZD sliding 0.40% to 1.4955.

Later in the day, the U.S. was to release reports on durable goods orders and consumer confidence.

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