by ForexNewsNow Team on July 28th, 2010

NZD/USD slips ahead of RBNZ interest rate decision

alan bollard forex analysis NZD online forexNEW YORK (Forex News Now) – The New Zealand dollar slid against its U.S. counterpart on Wednesday, extending recent losses, ahead of a key interest rate decision by the New Zealand’s central bank.

In New York afternoon currency trading, NZD/USD hit 0.728, down 0.72 percent on the day, after climbing slightly from a 2-day low of 0.7256.

The Reserve Bank of New Zealand was expected later in the day to raise its benchmark interest rate 25 basis points to 3 percent, in its second straight interest rate hike.

According to forex analysis, NZD/USD was likely to touch support around the low of July 22, 0.7096, and encounter immediate resistance around Tuesday’s high, 0.7396.

Also Wednesday, Commerce Department data showed that factor orders for U.S. durable goods unexpectedly slid in June, heightening fears that the U.S. economic recovery was faltering.

Elsewhere, the kiwi slumped versus the yen: NZD/JPY traded at 63.82, down 0.99 percent.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))