On Wednesday New Zealand dollar lowered in value versus its US counterpart, with market players laying eyes on crucial economic data, scheduled to be released later today.
During late Asian trade NZD/USD pair slid to 0.7980, currently the session low, after which consolidation followed at 0.7995. Support was expected at June 3rd low, 0.7943, while resistance was to be met at June 3rd high, 0.8119.
Markets were putting the stress on the series of crucial economic indicators from United States, to be released later on Wednesday, especially the ADP Employment Change indicator, Non-Farm Productivity and ISM Non-Manufacturing Composite index.
Data on Monday showed that activity in the US manufacturing sector shrank for the first time in six months in May and this news dampened expectations that Fed will scale back its bond purchasing program later this year.
New Zealand dollar went to higher levels against Australian counterpart, as AUD/NZD pair fell to 1.1973, reducing 0.52% of its value.
On Wednesday it was reported that Australias Gross Domestic Product rose by 0.6% in the first quarter, compared to the preceding quarter, expanding at the same pace as Q4 2012. Analysts had made projections that the GDP would rise by 0.8% in the last quarter. On annual basis, GDP slowed its expansion to 2.5% during Q1, missing forecasts for a rise by 2.7%. Previous period change showed an increase in GDP by 3.1%.
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