Investing.com – New Zealand’s dollar was up against its U.S. counterpart on Wednesday, soaring to a 29-month high ahead of a critical announcement by the U.S. Federal Reserve.
NZD/USD hit 0.7772 during European afternoon trade, the pair’s highest since June 5, 2008; the pair subsequently consolidated at 0.7750, gaining 0.48%.
The pair was likely to find support at 0.7633, Tuesday’s low and resistance at 0.7890, the high of June 3, 2008.
Earlier in the day, the U.S. Institute of Supply Management said its non-manufacturing purchasing manager's index rose for the tenth consecutive month in October, climbing to 54.3 after rising to 53.2 in September. Analysts had expected the index to rise to 53.6 in October.
Elsewhere in a separate report, U.S. payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 43K in October, after falling by a revised 2K in September. Analysts had expected non-farm private sector employment to increase by 25K in October.
The better-than-expected ADP data could result in some upward revisions to expectations for Friday's U.S. non-farm payrolls report.
The kiwi was also up against the euro with EUR/NZD shedding 0.47% to hit 1.8106.
Later Wednesday, the U.S. Federal Reserve was to make its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.
NZD/USD hit 0.7772 during European afternoon trade, the pair’s highest since June 5, 2008; the pair subsequently consolidated at 0.7750, gaining 0.48%.
The pair was likely to find support at 0.7633, Tuesday’s low and resistance at 0.7890, the high of June 3, 2008.
Earlier in the day, the U.S. Institute of Supply Management said its non-manufacturing purchasing manager's index rose for the tenth consecutive month in October, climbing to 54.3 after rising to 53.2 in September. Analysts had expected the index to rise to 53.6 in October.
Elsewhere in a separate report, U.S. payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 43K in October, after falling by a revised 2K in September. Analysts had expected non-farm private sector employment to increase by 25K in October.
The better-than-expected ADP data could result in some upward revisions to expectations for Friday's U.S. non-farm payrolls report.
The kiwi was also up against the euro with EUR/NZD shedding 0.47% to hit 1.8106.
Later Wednesday, the U.S. Federal Reserve was to make its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.