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COZfx: NZD/USD edges higher on US budget struggle

Discussion in 'Analisa Fundamental' started by harryer, Oct 2, 2013.

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  1. harryer

    harryer Member

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    COZforex: The New Zealand dollar edged higher against its US counterpart on Tuesday, as demand for the greenback weakened after the US Congress failed to reach an agreement on a budget for the next fiscal year, leading to a partial shutdown of the government.

    NZD/USD hit 0.8318 amid late Asian trade, the session high; the pair subsequently consolidated at 0.8332, adding 0.36%. Coz forex senior derivatives trader Daniel • Moloney said, NZD/USD was likely to find support at 0.8252, Monday's low and resistance at 0.8360, the high of September 24.

    The greenback remained under pressure as the US government began a partial shutdown after lawmakers failed to reach an agreement on a new budget. It is the first partial government shutdown in the US for 17 years.

    Republicans have insisted on delaying the implementation of President Obama's health care reforms as a condition for passing the budget.

    Also Tuesday, the Reserve Bank of Australia held its benchmark interest rate at a record low 2.50%, saying that earlier rate cuts are still filtering through the economy.

    In addition, official data showed that retail sales in Australia rise 0.4% in August, beating expectations for a 0.3% increase, after a 0.1% rise the previous month.

    (COZ forex UK)
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