Forex - Kiwi rises against weaker greenback

Posted on at - The New Zealand dollar rose against its U.S. counterpart on Thursday, as demand for the greenback remained under pressure after Wednesday's disappointing U.S. economic reports.

NZD/USD hit 0.7923 during late Asian trade, the pair's highest since November 21; the pair subsequently consolidated at 0.7924, climbing 0.69%.

The pair was likely to find support at 0.7764, the low of November 25 and resistance at 0.7974, the high of November 18.

On Wednesday, data showed that U.S. initial jobless claims rose to the highest level since early September last week, while personal spending rose less than expected.

Durable goods orders rose in line with forecasts, but core durable goods orders fell unexpectedly.

Other reports showed that U.S. consumer sentiment was revised lower, manufacturing activity in the Chicago region slowed and data from the housing sector was mixed.

The kiwi was steady against the Australian dollar, with AUD/NZD inching up 0.06% to 1.0870.

Also Thursday, the Australian Bureau of Statistics said that private capital expenditure rose 0.2% in the third quarter, beating expectations for a 1.7% fall. In the three months to June, private capital expenditure was revised to an increase of 1.6% from a previously estimated 1.1% rise.

A separate report showed that Australia's new home sales increased by 3.0% in October, after a flat reading the previous month.

Trade volumes were expected to remain light on Thursday, with U.S. markets closed for the Thanksgiving holiday.

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