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COZfx: NZD/USD near 3-year highs, eyes on Fed minutes

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COZfx: NZD/USD near 3-year highs, eyes on Fed minutes

Postby dwang » Thu Jul 10, 2014 3:39 am

COZforex: The New Zealand dollar rose to nearly three-year highs against its US counterpart on Wednesday, as demand for the greenback weakened ahead of the Federal Reserve's meeting minutes, expected later in the day.

NZD/USD hit 0.8818 amid late Asian trade, the pair's highest since August 2011; the pair subsequently consolidated at 0.8808, rising 0.22%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8748, Tuesday's low and resistance at 0.8842.

The greenback remained under pressure amid concerns that recent US data showing that the labor market is continuing to strengthen will not be enough to prompt the Fed to bring forward its timetable for raising interest rates.

Last week, data showed that the US economy added a larger-than-forecast 288,000 jobs last month, while the unemployment rate ticked down to 6.1%, the lowest in almost six years.

But investors remained cautious amid growing expectations that the Fed will stick to its dovish stance on monetary policy amid concerns over ongoing slow growth in inflation and wages.

Also Wednesday, the Westpac Banking Corporation said consumer sentiment in Australia rose 1.9% in July, after a 0.2% uptick the previous month.

(COZ forex UK)
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