COZfx: NZD/USD trading stable before US data

[kiriss5678]

COZforex: The New Zealand dollar was steady against its US counterpart on Tuesday, as demand for the greenback regained support after Friday's US jobs report and markets eyed the release of more US data later in the day.

NZD/USD hit 0.8511 amid late Asian trade, the session high; the pair subsequently consolidated at 0.8524, inching up 0.01%. COZforex senior currency strategist Ian • Quigley said, NZD/USD was likely to find support at 0.8462, the low of August 1 and resistance at 0.8557, the high of July 29.

The greenback remained supported below recent highs after the latest US employment report on Friday showing that jobs growth slowed slightly in July prompted investors to curtail expectations on the timing of a possible rate hike by the Federal Reserve.

Also Tuesday, official data showed that Australia's trade deficit narrowed to A$1.68 billion in June, from A$2.04 billion in May whose figure was revised down from a previously estimated deficit of A$1.91 billion. Analysts had expected the trade deficit to narrow to A$1.90 billion in June.

Separately, the Reserve Bank of Australia left its benchmark interest rate unchanged at a record low 2.50%, as expected, and reiterated that it expects borrowing costs to remain low for an extended period of time.

Later in the day, the US was to publish data on factory orders, while the Institute of Supply Management was to release data on service sector growth.

(COZ forex UK)