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

By
A A A

Investing.com - 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.


Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com or Download the new Investing.com 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:

Investing.com

Investing.com

More from Investing.com:

Related Videos

Stocks

Referenced

Most Active by Volume

85,117,424
  • $6.78 ▲ 11.88%
77,261,676
  • $17.53 ▲ 1.56%
61,066,548
  • $6.90 ▲ 2.99%
56,847,440
  • $112.65 ▲ 2.96%
52,788,366
  • $7.78 ▲ 1.83%
50,761,400
  • $25.14 ▲ 2.91%
47,781,237
  • $45.35 ▲ 10.18%
45,664,909
  • $7.17 ▲ 2.14%
As of 12/18/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com