COZfx: NZD/USD rises after New Zealand data

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COZforex: The New Zealand dollar rose against its US counterpart on Monday, after upbeat data from New Zealand, although investors remained cautious ahead of the Federal Reserve's upcoming policy statement this week.

NZD/USD hit 0.8099 during late Asian trade, the session high; the pair subsequently consolidated at 0.8089, gaining 0.60%. Coz forex senior derivatives trader Daniel • Moloney said, NZD/USD was likely to find support at 0.7968, the low of June 4 and resistance at 0.8137, the high of June 14.

In New Zealand, the Westpac Banking Corporation said its consumer sentiment index rise to 116.6 in the second quarter, from a reading of 110.8 in the previous quarter.

The greenback weakened last week amid growing expectations that the Fed will to start taper off its bond purchasing program later this year. Investors were looking ahead to the central bank’s rate statement on Wednesday amid uncertainty over the bank's next move.

The kiwi was higher against the Australian dollar with AUD/NZD slipping 0.11%, to hit 1.1892.

Also Monday, official data showed that new motor vehicle sales in Australia were flat in May, after a 1.7% drop the previous month.

(COZ forex UK)