Forexpros – The New Zealand dollar was lower against its U.S. counterpart on Wednesday, as concerns over bailout options in the euro zone prompted investors to flock to safer assets.
NZD/USD hit 0.7834 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7860, falling 0.30%.
The pair was likely to find support at 0.7723, the low of September 23 and resistance at 0.7956, Tuesday’s high.
Market sentiment was dampened following reports of a split in the single currency bloc over Greece’s second EUR109 bailout package, amid growing concerns that the country’s funding needs rose significantly in the past few months.
Meanwhile, Greece’s parliament approved a new property-tax law Tuesday evening, a key step to securing further aid from the country’s international lenders and to avoid default.
Elsewhere, the kiwi was down against the euro with EUR/NZD rising 0.27%, to hit 1.7274.
Later in the day, a U.S. report on durable goods orders was to be released, while Federal Reserve Chairman Ben Bernanke was also scheduled to speak.
Forexpros
