Forex – NZD/USD holds steady near 2-week highs

0 – The New Zealand dollar held steady againt its U.S. counterpart on Thursday, hovering close to a two-week high after the release of upbeat manufacturing activity data from New Zealand.

NZD/USD hit 0.7885 during late Asian trade, the session high; the pair subsequently consolidated at 0.7877.

The pair was likely to find support at 0.7710, the low of November 11 and resistance at 0.7978, the high of October 29.

The New Zealand dollar found support after data showed that the Business NZ Manufacturing Index rose to 59.3 last month from a reading of 58.5 in September, whose figure was upwardly revised from a previously estimated 58.1.

Meanwhile, demand for the greenback remained supported by the diverging monetary policy outlook between the Federal Reserve and it’s major peers.

Investors were eyeing U.S. data on initial jobless claims due later in the day, as well as Friday’s retail sales report for further indications on the strength of the recovery.

The kiwi was lower against the euro, with EUR/NZD adding 0.17% to 1.5811.

Source By Breaking News Website | BreakingNews.WS