NZD/USD rises as New Zealand retail sales report awaited

ForexNewsNow | Published on October 13, 2010 at 3:54 am

NZD USD analysis - a pile of dollarsNEW YORK (Forex News Now) – The New Zealand dollar rose against its U.S. counterpart on Wednesday, as FX traders awaited a key monthly report on retail sales in New Zealand.

In early European currency market trading, NZD/USD hit 0.7578, up 0.35 percent on the day, and close to the 10-month high of Oct. 7, 0.7591.

Later Wednesday, New Zealand’s statistics bureau was expected to say that retail sales grew 0.4 percent in August, after a decline of 0.4 percent percent in July, two online FX trading news outlets reported.

According to intraday analysis, NZD/USD was likely to touch support around Tuesday’s low, 0.7479, and encounter immediate resistance around 0.7591.

The Kiwi’s gains also came ahead of important data from the United States on import price inflation in September. The U.S. was also to publish its monthly Federal budget statement for the month.

Elsewhere, the Kiwi climbed versus the yen: NZD/JPY traded at 62.04, up 0.53 percent.

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