COZfx: NZD/USD rises to 1-month highs

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COZforex: The New Zealand dollar rise to one-month highs against its US counterpart in subdued trade on Monday, as the previous day's soft US housing sector data continued to weigh on the greenback.

NZD/USD hit 0.8007 amid late Asian trade, the pair's highest since June 19; the pair subsequently consolidated at 0.7994, gaining 0.29%. COZFX strategist Nigel Boynton said, NZD/USD was likely to find support at 0.7909, Monday's low and resistance at 0.8054, the high of June 19.

The greenback remained under pressure after data showing that US existing home sales declined unexpectedly in June dampened expectations that the Federal Reserve will start scaling back its asset purchase program this year.

The National Association of Realtors said that existing home sales drop 1.2% to an annual rate of 5.08 million units in June, but still remained close to three-and-a-half year highs.

The kiwi was higher against the Australian dollar with AUD/NZD edging down 0.19%, to hit 1.1581.

(COZ forex UK)