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by ForexNewsNow Team on December 1, 2010

NZD/USD rises on positive commodity prices data

New Zealand flagNEW YORK (Forex News Now) – The kiwi rose against the greenback on Wednesday, as data showed high growth in the price of New Zealand’s main commodity exports.

NZD/USD traded at 0.7460 at around 10:00 A.M., GMT on Wednesday, up from an opening price of 0.7424.

Earlier in the day, ANZ bank released its report on the average price of the country’s main commodity exports, which showed a 4.5% rise in November, up from the 2.9% rise recorded the previous month.

According to NZD/USD analysis, the kiwi was likely to touch support around yesterday’s low of 0.7397 and encounter resistance around the high of Oct. 28, 0.7554.

Elsewhere, the New Zealand dollar was up against its Australian counterpart after data showed slower-than-expected growth for the Australian economy in the third quarter: AUD/NZD traded at 1.2914, after hitting a session high of 1.2935.

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