New Zealand dollar was almost unchanged against its US counterpart on Monday, despite the release of positive data regarding business confidence in New Zealand.
NZD/USD touched a session high at 0.8286 at 3:50 GMT, after which consolidation followed at 0.8281, gaining a mere 0.01% for the day. Support was likely to be found at September 25th low, 0.8217, while resistance was to be encountered at September 24th high, 0.8360.
Earlier on trading Monday the ANZ published data, according to which business confidence in New Zealand advanced to its highest point in 14 years in September, reaching 54.1, from a reading of 48.1 in August.
The number of building permits in New Zealand increased less than projected in August, by 1.4% instead of 2.5%, as their number dropped 3.4% in July.
In the mean time, the HSBC manufacturing PMI for China was revised down to a value of 50.2 from 51.2, according to initial estimates, as this suggested that activity in the sector remained in the zone of expansion, but economic recovery in the country implied frailty. Experts had expected that the index will show no change in its value. This data weighed also on the kiwi dollar, because China is New Zealands second largest export partner.
Meanwhile, on Saturday the US House of Representatives passed legislation, that would delay the implementation of Obamacare, President Barack Obama’s health care package passed in 2010. There was a probability that 800 000 federal workers would be sent home on Tuesday, if the Congress fails to pass a stopgap spending bill, before funding expires tonight.
Meanwhile, the kiwi dollar was slightly lower against the Aussie, with AUD/NZD cross gaining 0.07% on a daily basis to trade at 1.1265 at 8:48 GMT.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
