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Forex - NZD/USD edges higher but gains seen limited

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Investing.com -

Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Monday, but gains were expected to remain limited as investors were cautious amid ongoing geopolitical tensions in Ukraine.

NZD/USD hit 0.8633 during late Asian trade, the session high; the pair subsequently consolidated at 0.8628, adding 0.19%.

The pair was likely to find support at 0.8549, the low of April 30 and resistance at 0.8709, the high of May 7.

Markets were jittery after pro-Russian separatists claimed victory in a weekend referendum on self-rule in eastern Ukraine, fuelling fears that the country is sliding closer to civil war. The vote has been condemned by Ukraine's government and the West.

The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.16% to 1.0852.

Also Monday, the National Australia Bank said that its business confidence index rose to 6 in April, from a reading of 4 the previous month.

Later in the day, the U.S. was to publish data on the federal budget balance.

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


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

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