Investing.com – The New Zealand dollar rose against its U.S. counterpart on Wednesday, after data showed that a commodity export price index for New Zealand rose to record levels in May.
NZD/USD hit 0.6740 during European morning trade, climbing 0.14%. The pair was likely to find support at 0.6558, last Tuesday’s low and an 11-month low, and resistance at 0.6903, the high of May 19.
Earlier in the day, a report by the ANZ National Bank showed that commodity prices were up 2.5% month-on-month in May. Adjusted for gains in the currency, prices advanced 2.9% to reach an all time high, after a 5.4% increase in April. Year-on-year, the value of exports grew 9%, the bank said.
The kiwi was also up against the yen, meanwhile, with NZD/JPY climbing 0.83% to hit 61.88.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.
NZD/USD hit 0.6740 during European morning trade, climbing 0.14%. The pair was likely to find support at 0.6558, last Tuesday’s low and an 11-month low, and resistance at 0.6903, the high of May 19.
Earlier in the day, a report by the ANZ National Bank showed that commodity prices were up 2.5% month-on-month in May. Adjusted for gains in the currency, prices advanced 2.9% to reach an all time high, after a 5.4% increase in April. Year-on-year, the value of exports grew 9%, the bank said.
The kiwi was also up against the yen, meanwhile, with NZD/JPY climbing 0.83% to hit 61.88.
Later in the day, an industry group was due to release a report on U.S. pending home sales, a leading indicator of economic health. The report, which excludes new construction, measures the change in the number of homes under contract to be sold but still awaiting the closing transaction.