New Zealand dollar was slightly changed against its US counterpart, trading in proximity to current session highs on Friday, despite the strong series of data, released out of the United States yesterday, which still supported the greenback.
NZD/USD reached its highest point during todays session at 0.7906 at 3:22 GMT, after which the pair consolidated at 0.7890. Support was expected at July 24th low, 0.7907, while resistance was to be met at July 29th high, 0.8099.
Yesterday the Institute of Supply Management in the United States said that business activity in the sector of manufacturing rose to 55.4 in July, up from 50.9 in June, marking the highest point since August 2011. Experts had expected that the indicator will show a much lesser increase to 52.0.
Before that, the Department of Labor reported that initial jobless claims fell by 19 000 to 326 000, which was the lowest number of claims since the beginning of 2008, considerably outstripping initial estimates that claims will reach 345 000.
On Wednesday, the Federal Reserve Bank announced that it would keep its 85-billion-USD-a-month purchases of mortgage and Treasury securities and stressed that the rate of economic growth in the United States was “modest”.
These strong economic reports came after on Wednesday it became clear that the ANZ business confidence index in New Zealand advanced to 52.8 in the month of July, from 50.1 in June, as the indicator reached its highest value in 14 years.
Meanwhile, the kiwi was trading higher against the Aussie, as AUD/NZD cross decreased by 0.14% to 1.1300 at 6:33 GMT.
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