On Wednesday New Zealand dollar edged higher versus its US peer after the release of data, regarding New Zealands current account balance, while market participants continued to focus on FEDs meeting outcome later in the day.
NZD/USD pair hit 0.8018 during the later phase of Asian trade, currently the session high, after which consolidation followed at 0.8005. The cross was up by 0.16% for the day. Support was expected at Tuesdays low, 0.7949, while resistance was to be encountered at Mondays high, 0.8100.
Official report said earlier today that Current Account Balance of New Zealand recorded a smaller deficit during Q1 2013, compared to the previous quarter. In Q1 deficit value was 0.663 billion NZD, below preliminary estimates that the deficit would shrink to 0.639 billion NZD, while revised data during the preceding quarter showed a deficit of 3.232 billion NZD.
Meanwhile, investors remained wary amid strengthening expectations that the Federal Reserve Bank will start unwinding its bond purchasing program some time later this year.
Kiwi dollar was higher against the Australian dollar, with AUD/NZD sliding by 0.16% to 1.1851.
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