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Forex - NZD/USD steady after positive New Zealand building consents

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Investing.com - The New Zealand dollar was steady against its U.S. counterpart on Thursday, as positive building consents data out of New Zealand supported the kiwi, although concerns over a potential fallout from Cyprus's bailout and political deadlock in Italy continued to weigh.

NZD/USD hit 0.8379 during late Asian trade, the session high; the pair subsequently consolidated at 0.8372, easing up 0.04%.

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.

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

But investors remained cautious as Italian centre-left leader Pier Luigi Bersani seemed to have only slim hope of forming a government after talks with rival party leaders ended on Wednesday with rejection from Beppe Grillo's 5-Star Movement.

Markets were also jittery as Cyprus prepared to reopen its banks for the first time in nearly two weeks, with fears of bank runs prompting the government to impose a number of controls, including limiting withdrawals and banning cheques.

The kiwi was almost unchanged against the euro with EUR/NZD inching 0.02% lower, to hit 1.5268.

Later in the day, the U.S. was to release the weekly government report on initial jobless claims as well as revised data on fourth quarter economic growth.

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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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