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Forex - NZD/USD rises but upside seen limited

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Investing.com -

Investing.com - The New Zealand dollar rose against its U.S. counterpart on Monday, although gains were expected to remain limited as Friday's strong U.S. economic reports continued to support the greenback.

NZD/USD hit 0.7962 during late Asian trade, the session high; the pair subsequently consolidated at 0.7930, gaining 0.16%.

The pair was likely to find support at 0.7804, the low of October 15 and resistance at 0.7998, the high of October 16 and a three-week high.

The greenback found support on Friday after a report showed that the University of Michigan's consumer sentiment index unexpectedly rose to 86.4 in October, the most since July 2007.

Another report showed that housing starts rose more than expected last month, bolstering the outlook for the sector.

The data reinforced expectations that the Federal Reserve will raise interest rates in the second half of 2015.

The kiwi was higher against the Australian dollar, with AUD/NZD slipping 0.10% to 1.1034.

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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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