Topic: COZfx: NZD/USD trading lower in cautious trade
COZforex: The New Zealand dollar slipped lower against its US counterpart on Wednesday, as markets were jittery ahead of the minutes of the Federal Reserve's latest policy-setting meeting.
NZD/USD hit 0.8266 amid late Asian trade, the session low; the pair subsequently consolidated at 0.8275, edging down 0.10%. COZ senior foreign exchange risk investment trader Desmond Doyle said, NZD/USD was likely to find support at 0.8204, the low of December 13 and resistance at 0.8378, the high of November 20.
The greenback strengthened after data on Tuesday showed that the US trade deficit shrank to the lowest level in four years in November as exports rise to a record high.
But investors remained focused on the minutes of the Fed’s December meeting, due for release later Wednesday, for indications on the possible timing of further reductions in the bank’s stimulus program.
Market participants were also eyeing Friday’s US nonfarm report for December for indications of the strength of the recovery in the labor market.
Later in the day, the US was to release the ADP report on private sector job creation, while New Zealand was to publish data on building consents.
(COZ forex UK)