Investing.com – The kiwi extended gains versus its U.S. counterpart on Monday, nearing the 0.7 mark after upbeat euro zone data and comments by a senior U.S. Federal Reserve official reinforced hopes that the global recovery was on track.
NZD/USD advanced 1.38% to hit 0.6996 during early U.S. trade, its highest since May 18. The pair was likely to find resistance at 0.7153, the high of May 14, and support at 0.6658, the low of May 19.
Earlier in the day, the St. Louis Federal Reserve Bank president, James Bullard, said a strong global economic recovery was underway and that it was unlikely to be derailed by Europe's debt crisis or the bursting of an asset bubble in China, boosting traders' risk appetite.
Bullard's comments helped offset a slightly disappointing official report on New Zealand's retail sector, which showed that showed that retail sales fell in April for the second time in three months, as wage growth slowed and house prices dropped.
The New Zealand dollar rose versus the euro, meanwhile, with EUR/NZD shedding 0.25% to reach 1.751.
Also Monday, official data showed that industrial production in the euro zone increased at a faster than expected pace in April from a month earlier.
NZD/USD advanced 1.38% to hit 0.6996 during early U.S. trade, its highest since May 18. The pair was likely to find resistance at 0.7153, the high of May 14, and support at 0.6658, the low of May 19.
Earlier in the day, the St. Louis Federal Reserve Bank president, James Bullard, said a strong global economic recovery was underway and that it was unlikely to be derailed by Europe's debt crisis or the bursting of an asset bubble in China, boosting traders' risk appetite.
Bullard's comments helped offset a slightly disappointing official report on New Zealand's retail sector, which showed that showed that retail sales fell in April for the second time in three months, as wage growth slowed and house prices dropped.
The New Zealand dollar rose versus the euro, meanwhile, with EUR/NZD shedding 0.25% to reach 1.751.
Also Monday, official data showed that industrial production in the euro zone increased at a faster than expected pace in April from a month earlier.