Investing.com - The New Zealand dollar was steady against its U.S. counterpart on Wednesday, as investors remained cautious amid sustained global growth concerns and as markets awaited the release of a string of U.S. data later in the day.
NZD/USD hit 0.8038 during late Asian trade, the pair’s lowest since July 27; the pair subsequently consolidated at 0.8048, easing 0.07%.
The pair was likely to find support at 0.7989, the low of July 27 and resistance at 0.8113, Tuesday’s high.
Markets were jittery after data on Tuesday showed that the euro zone’s gross domestic product contracted by 0.2% in the three months to June, bringing the annualized rate of contraction to 0.4%.
In addition, the ZEW Centre for Economic Research said that its index of German economic sentiment came in at minus 25.5 for August; down from July’s reading of minus 19.6 and defying expectations for a reading of minus 19.3.
Sentiment remained mildly supported however by expectations that recent evidence of a slowdown in economic growth would prompt world central banks to implement more easing measures to spur the economic recovery.
Meanwhile, the greenback gained ground after data on Tuesday showed that U.S. retail sales snapped four successive months of declines in July, jumping 0.8%, surpassing expectations for a 0.3% increase.
The kiwi was higher against the Australian dollar with AUD/NZD edging down 0.10%, to hit 1.3011.
Also Wednesday, the Westpac Banking Corporation said that consumer sentiment in Australia declined by 2.5% in August, following a 3.7% increase the previous month.
Separately, official data showed that wage prices in Australia rose 1% in the second quarter, more than the expected 0.8% rise and following a 0.9% increase in the previous quarter.
Later in the day, the U.S. was to release official data on consumer price inflation and industrial production, as well as a report on manufacturing activity in the New York area.
NZD/USD hit 0.8038 during late Asian trade, the pair’s lowest since July 27; the pair subsequently consolidated at 0.8048, easing 0.07%.
The pair was likely to find support at 0.7989, the low of July 27 and resistance at 0.8113, Tuesday’s high.
Markets were jittery after data on Tuesday showed that the euro zone’s gross domestic product contracted by 0.2% in the three months to June, bringing the annualized rate of contraction to 0.4%.
In addition, the ZEW Centre for Economic Research said that its index of German economic sentiment came in at minus 25.5 for August; down from July’s reading of minus 19.6 and defying expectations for a reading of minus 19.3.
Sentiment remained mildly supported however by expectations that recent evidence of a slowdown in economic growth would prompt world central banks to implement more easing measures to spur the economic recovery.
Meanwhile, the greenback gained ground after data on Tuesday showed that U.S. retail sales snapped four successive months of declines in July, jumping 0.8%, surpassing expectations for a 0.3% increase.
The kiwi was higher against the Australian dollar with AUD/NZD edging down 0.10%, to hit 1.3011.
Also Wednesday, the Westpac Banking Corporation said that consumer sentiment in Australia declined by 2.5% in August, following a 3.7% increase the previous month.
Separately, official data showed that wage prices in Australia rose 1% in the second quarter, more than the expected 0.8% rise and following a 0.9% increase in the previous quarter.
Later in the day, the U.S. was to release official data on consumer price inflation and industrial production, as well as a report on manufacturing activity in the New York area.