New Zealand dollar pushed higher against its US counterpart on Thursday, following the comments made by FED Chairman Ben Bernanke, which sank the greenback.
NZD/USD hit a session high at 0.7966 at 5:00 GMT, the highest point since June 19th, after which consolidation followed at 0.7930. At 8:22 GMT the pair was trading at 0.7907, still up by 0.82% for the day. Support was expected at July 10th low, 0.7780, while resistance was likely to be met at June 19th high, 0.8054.
US dollar found itself under massive selling pressure on Wednesday, following Bernanke’s statement that Federal Reserve Bank’s policy should remain accommodative in the foreseeable future, because of higher Unemployment rate and low inflation levels in the country. It became clear, according to FED minutes, that half of the 19 members of the Foreign Open Market Committee (FOMC) voted in favor of terminating monthly asset purchases by the end of this year.
Later on Thursday the weekly report on initial jobless claims in the United States was to be released.
Meanwhile, Business Manufacturing Index in New Zealand slid to 54.7 during June from a reading of 59.0 a month ago, a revision down from 59.2 previously. The more values distance from the 50.0 level, the stronger the forecast of economic development or recession is.
Ultimately, New Zealand dollar was slightly changed against its Australian peer, as AUD/NZD cross dipped by 0.11% to 1.1697 at 8:36 GMT.
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