The New Zealand dollar rose against its U.S. counterpart on Monday, as anticipation ahead of a speech by Federal Reserve Chairman Ben Bernanke weighed on demand for the greenback. NZD/USD hit 0.8408 during late Asian trade, the daily high; the pair subsequently consolidated at 0.8402, climbing 0.44%. The pair was likely to find support at 0.8336, the low of January 8 and resistance at 0.8443, the high of January 11. The greenback came under pressure ahead of a speech by Ben Bernanke on monetary policy and the recovery from the global financial crisis later Monday, amid speculation that the Fed chairman would quash speculation over an earlier-than-expected end to the central bank’s quantitative easing program. Meanwhile, sentiment remained supported after European Central Bank President Mario Draghi said last week that a gradual recovery in the euro zone economy would begin this year. The kiwi was higher against the Australian dollar with AUD/USD slipping 0.21%, to hit 1.2567. Also Monday, data showed that job advertisements fell 3.80% in December, after a 2.80% decline the previous month.
EasyForexNews Research Team