Forex - NZD/USD edges higher on U.S. budget struggle

A A A - The New Zealand dollar edged higher against its U.S. counterpart on Tuesday, as demand for the greenback weakened after the U.S. Congress failed to reach an agreement on a budget for the next fiscal year, leading to a partial shutdown of the government.

NZD/USD hit 0.8318 during late Asian trade, the session high; the pair subsequently consolidated at 0.8332, adding 0.36%.

The pair was likely to find support at 0.8252, Monday's low and resistance at 0.8360, the high of September 24.

The greenback remained under pressure as the U.S. government began a partial shutdown after lawmakers failed to reach an agreement on a new budget. It is the first partial government shutdown in the U.S. for 17 years.

Republicans have insisted on delaying the implementation of President Obama's health care reforms as a condition for passing the budget.

The kiwi was lower against the Australian dollar with AUD/NZD advancing 0.72%, to hit 1.1304.

Also Tuesday, the Reserve Bank of Australia held its benchmark interest rate at a record low 2.50%, saying that earlier rate cuts are still filtering through the economy.

In addition, official data showed that retail sales in Australia rose 0.4% in August, beating expectations for a 0.3% increase, after a 0.1% rise the previous month. offers an extensive set of professional tools for the financial markets.
Read more News on or Download the new App for Android !

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Forex and Currencies

Referenced Stocks:

More from

Related Videos

Quick on Your Feet
Quick on Your Feet                  
Early Entrepreneurship
Early Entrepreneurship              
Trying to Be Goofy
Trying to Be Goofy                  



Most Active by Volume

  • $16.09 ▲ 0.50%
  • $102.50 ▲ 0.24%
  • $19.57 ▲ 2.35%
  • $49.75 ▲ 0.65%
  • $34.92 ▲ 0.78%
  • $3.63 ▲ 0.83%
  • $13.06 ▼ 0.38%
  • $74.82 ▲ 1.31%
As of 8/29/2014, 04:04 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by