On Wednesday the New Zealand dollar shortened positions against its US counterpart, as demand for the US dollar remained high after the promising data from United States yesterday.
NZD/USD reached 0.8048 during Asian session, lowest for today, after which consolidation followed at 0.8065-0.8070. The pair was expected to be supported at May 22nd low, 0.8034, while resistance was met at 0.8127, highest from Tuesday.
Yesterday strong data from US bolstered expectations that FED easing program scale back could be on the horizon this year. Official data showed that US Consumer Confidence rose during May to 76.2, surpassing projections for a rise to 71.0, while the revised reading from the previous period showed 69.0.
Additionally, S&P/Case-Shiller Composite-20 Home Price Index increased during March by 10.87% annually, beating expectations for a 10.20% rise and improving in comparison with the positive change from the preceding period, which was by 9.35%, according to revised data. The rise in March this year was the largest since April 2006.
New Zealand dollar was stronger against its Australian counterpart, with AUD/NZD dropping to 1.1845.
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