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Forex - NZD/USD steady, market sentiment recovers

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Investing.com -

Investing.com - The New Zealand dollar was steady against its U.S. counterpart on Monday, as market sentiment began to recover from last week's broad risk aversion caused by worries over geopolitical tensions in Irak and Ukraine.

NZD/USD hit 0.8476 during late Asian trade, the session high; the pair subsequently consolidated at 0.8468, inching up 0.07%.

The pair was likely to find support at 0.8424, the low of August 6 and resistance at 0.8531, the high of August 5.

Market sentiment began to improve after the U.S. launched airstrikes in Iraq on Friday, in a bid to halt the advance of extremists in the country's north.

Also in the Middle-East, Israel and the Palestinians agreed on Sunday to an Egyptian proposal for a new 72-hour ceasefire in Gaza.

Meanwhile, fears over hostilities between Russia and Ukraine eased after Russia's defense ministry on Friday said it had concluded military exercises it was holding close to the border with Ukraine.

The kiwi was higher against the Australian dollar, with AUD/NZD down 0.09% to 1.0951.

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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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