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COZfx: NZD/USD trading lower in cautious trade

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COZfx: NZD/USD trading lower in cautious trade

Postby dwang » Wed Aug 13, 2014 2:51 am

COZforex: The New Zealand dollar declined to 2 month lows against its US counterpart on Tuesday, as demand for risk-related assets weakened amid renewed geopolitical concerns in Ukraine and Iraq.

NZD/USD hit 0.8409 amid late Asian trade, the pair's lowest since June 4; the pair subsequently consolidated at 0.8422, retreating 0.43%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8402, the low of June 4 and resistance at 0.8476, Monday's high.

Market sentiment was hit after Iraq on Monday named Haidar al-Abadi as the new prime minister to end the eight-year rule of Nuri al-Maliki, but Maliki has refused to go and deployed Special Forces in Baghdad.

In Ukraine, a Russian convoy of 280 trucks carrying humanitarian aid set off on Tuesday amid Western warnings against using help as a pretext for an invasion.

Also Tuesday, the National Australia Bank said its business confidence index rise to 11 last month, from a reading of 8 in June.

Data also showed that house price inflation in Australia rise 1.8% in the second quarter, compared to expectations for a 1.1% increase. The first quarter's figure was revised to a 1.5% gain from a previously estimated 1.7% rise.

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