New Zealand dollar retreated against its US counterpart on Wednesday, as markets awaited the testimony by Ben Bernanke in front of the Congress, scheduled later in the day.
NZD/USD fell to a session low at 0.7838 at 7:09 GMT, after which consolidation followed at 0.7859, still down by 0.44% for the day. Support was expected at July 16th low, 0.7800, while resistance was to be met at July 11th high, 0.7969.
At his semi-annual monetary-policy testimony on July 17-18th FED Chairman Ben Bernanke was expected to reiterate that the central bank may begin to taper its 85 billion USD in monthly asset purchases by this year’s end, if US economic growth meets policymakers’ objectives. Bernanke also said on July 10th, that the US economy was in need of a highly accommodative monetary policy for the foreseeable future, after which the greenback sank against its major peers.
Meanwhile, the kiwi dollar was trading almost without change against the Australian currency, as AUD/NZD cross ticked down 0.01% to 1.1726 at 7:56 GMT.
Later on trading Wednesday, the United States was to release data, regarding Building Permits, Housing Starts and the Beige Book report.
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