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

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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.


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This article appears in: Investing , Forex and Currencies

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