The New Zealand dollar was steady against its U.S. counterpart on Monday, trading close to a one-and-a-half month high, as Friday’s strong euro zone and U.S. data continued to support demand for risk-related assets. NZD/USD hit 0.8449 during late Asian trade, the session low; the pair subsequently consolidated at 0.8451, dipping 0.04%. The pair was likely to find support at 0.8426, the low of December 17 and resistance at 0.8476, the high of December 14 and a multi-month high. Elsewhere, the kiwi was lower against the Australian dollar with AUD/NZD edging up 0.15%, to hit 1.2328. Also Monday, official data showed that building approvals in Australia dropped 4.4% in December, disappointing expectations for a 1% rise, after a 3.4% increase the previous month. A separate report showed that job advertisements in Australia fell 0.90% in January, following a 2.80% decline the previous month. Later in the day, the U.S. was to release official data on factory orders.
EasyForexNews Research Team