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Forex - NZD/USD rises ahead of RBNZ policy statement

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Investing.com -

Investing.com - The New Zealand dollar rose against its U.S. counterpart on Wednesday, as markets eyed the Reserve Bank of New Zealand's upcoming policy statement, due later in the day.

NZD/USD hit 0.8557 during late Asian trade, the pair's highest since May 28; the pair subsequently consolidated at 0.8547, gaining 0.22%.

The pair was likely to find support at 0.8480, the low of June 9 and resistance at 0.8632, the high of May 20.

The New Zealand dollar strengthened as the RBNZ was widely expected to raise its benchmark interest rate by 0.25% at its monthly policy meeting later in the day.

Meanwhile, demand for the dollar remained supported by higher U.S. Treasury yields. The yield on the U.S. 10-year Treasury note rose to 2.64% on Tuesday, its highest in a month.

The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.18% to 1.0973.

Also Wednesday, the Westpac Banking Corporation sent consumer sentiment in Australia rose 0.2% in June, after a 6.8% decline the previous month.

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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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