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Forex - NZD/USD lower as risk appetite seen limited

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Investing.com - The New Zealand dollar is trading modestly lower against its U.S. rival during Friday's Asian session as traders dial back risk a bit ahead of a holiday weekend.

In Asian trading Friday, NZD/USD is lower by 0.02% at 0.8368. The pair was likely to find support at 0.8340, the low of March 26 and resistance at 0.8418, the high of February 25.

The lethargic action in the pair comes as Australian and U.S. markets are closed today and follows spate of data points released by both countries over the past two days.

On Thursday in New Zealand, official data showed that building consents in New Zealand rose 1.9% in February, after a 0.2% decline the previous month.

In U.S. economic news, the Commerce Department revised its estimate of U.S. fourth-quarter GDP growth to 0.4% from 0.1%. Thursday's number was the third of three estimates for the final quarter of 2012. The Labor Department said initial claims for jobless benefits rose by 16,000 to 357,000 last week.

The March reading of the Chicago purchasing managers index fell 4.4% to 52.4%, well below the reading of 56.4% economists expected. Readings above 50% indicate expansion.

Elsewhere, NZD/JPY fell 003% to 78.79 after Japan's Statistics Bureau said that Japanese household spending fell to a seasonally adjusted 0.8% in February from 2.4% in January. Analysts had expected Japanese household spending to fall to 0.2% last month.

The Statistics Bureau also said Japan's unemployment rose slightly last month to 4.3% from 4.2%. Analysts expected the number to be unchanged. Japan's national core CPI fell to a seasonally adjusted -0.3% in February from -0.2% in January, according to the Statistics Bureau. Analysts expected the core CPI to fall to -0.4% last month.

AUD/NZD fell 0.01% to 1.2443 while EUR/NZD climbed 0.07% to 1.5329.

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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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