Investing.com – New Zealand’s dollar surged to a fresh 1-year high against its U.S. counterpart on Thursday, as fears that further monetary easing may be required to support the U.S. economy were underlined by weak U.S. economic data.
NZD/USD hit 0.7578 during European morning trade, the pair’s highest since October 23, 2009; the pair subsequently consolidated at 0.7570, gaining 0.61%.
The pair was likely to find support at 0.7457, Wednesday’s low and resistance at 0.7574, the high of October 20, 2009.
On Wednesday, data showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The data added fuelled speculation that the Federal Reserve may begin a fresh round of asset purchases, designed to bolster the U.S. economy, as soon as next month.
The kiwi was also up against the euro, with EUR/NZD shedding 0.35% to hit 1.8457.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.
NZD/USD hit 0.7578 during European morning trade, the pair’s highest since October 23, 2009; the pair subsequently consolidated at 0.7570, gaining 0.61%.
The pair was likely to find support at 0.7457, Wednesday’s low and resistance at 0.7574, the high of October 20, 2009.
On Wednesday, data showed that U.S. ADP non-farm payrolls declined unexpectedly in September. The report said that the decline in private employment in September “confirms a pause in the economic recovery already evident in other data”.
The data added fuelled speculation that the Federal Reserve may begin a fresh round of asset purchases, designed to bolster the U.S. economy, as soon as next month.
The kiwi was also up against the euro, with EUR/NZD shedding 0.35% to hit 1.8457.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.