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Forex - NZD/USD steady in subdued trade

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Investing.com - The New Zealand dollar was steady against its U.S. counterpart in subdued trade on Monday, as expectations for the Federal Reserve to soon scale back its stimulus program continued to support demand for the greenback.

NZD/USD hit 0.7954 during late Asian trade, the pair's highest since July 19; the pair subsequently consolidated at 0.7936, easing up 0.06%.

The pair was likely to find support at 0.7849, the low of July 18 and resistance at 0.7990, the high of July 19.

The greenback remained supported after Fed Chairman Ben Bernanke said last week that the central bank could scale back its asset purchases by the end of the year if the economy continues to improve, but added that there was no "preset course."

Bernanke said the economic recovery was continuing at a moderate pace but reiterated that monetary policy will remain accommodative for the foreseeable future.

The kiwi was lower against the Australian dollar with AUD/NZD gaining 0.35%, to hit 1.1616.

Later in the day, the U.S. was to release private sector data on existing home sales.

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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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