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Forex - NZD/USD steady in cautious trade

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Investing.com - The New Zealand dollar was steady against its U.S. counterpart on Thursday, as growing expectations for the Federal Reserve to soon scale back its stimulus program still supported the greenback.

NZD/USD hit 0.7807 during late Asian trade, the pair's highest since July 2; the pair subsequently consolidated at 0.7785, edging up 0.07%.

The pair was likely to find support at 0.7710, Wednesday's low and resistance at 0.7853, the high of June 27.

Investors were looking ahead to Friday's U.S. nonfarm payrolls data, for further clues on when the Fed may decide to unwind its USD85 billion-a-month bond buying program.

Data on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.

The kiwi was lower against the Australian dollar with AUD/NZD rising 0.19%, to hit 1.1699.

Also Thursday, official data showed that building approvals in Australia dropped 1.1% in May, less than the expected 1.5% decline, after a 9.5% increase the previous month.

Trade volumes were expected to remain light on Thursday, with markets in the U.S. closed for the Independence Day holiday.

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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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