19 Aug 2015
NZD/USD rises back above 0.6600 amid weak greenback
FXStreet (Córdoba) - The US dollar lost ground across the board after the release of the Federal Reserve minutes from the latest FOMC meeting. The report reduced expectations about a rate hike in September and weakened greenback in the market. NZD/USD rose from 0.6570 to 0.6623, reaching the strongest level since Thursday’ Asian session.
So far the pair has been able to hold above 0.6600 and is eyeing 0.6650 (August highs) where the next key resistance level is located. On the opposite direction, support now could be located at 0.6600, 0.6570 (intraday) and 0.6550 (daily low).
Between inflation and minutes
Almost 24 hours ago, the New Zealand quarterly PPI report showed that the input index declined 0.3% during the second quarter and the output index fell 0.2%. Both numbers were in line with expectations. US inflation data was slightly below market consensus: the CPI rose 0.1% below the 0.2% expected. The kiwi and greenback were practically unaffected by the reports. The minutes from the Fed did impact largely in the forex market by triggering a sharp slide of the US dollar.
So far the pair has been able to hold above 0.6600 and is eyeing 0.6650 (August highs) where the next key resistance level is located. On the opposite direction, support now could be located at 0.6600, 0.6570 (intraday) and 0.6550 (daily low).
Between inflation and minutes
Almost 24 hours ago, the New Zealand quarterly PPI report showed that the input index declined 0.3% during the second quarter and the output index fell 0.2%. Both numbers were in line with expectations. US inflation data was slightly below market consensus: the CPI rose 0.1% below the 0.2% expected. The kiwi and greenback were practically unaffected by the reports. The minutes from the Fed did impact largely in the forex market by triggering a sharp slide of the US dollar.