Investing.com – The New Zealand dollar rose against its U.S. counterpart on Thursday, after a more upbeat outlook on the U.S. economy from the Federal Reserve and a slightly less hawkish statement from New Zealand's central bank.
NZD/USD hit 0.7216 during European morning trade, gaining 0.12%. The pair was likely to find resistance at 0.7439, the high of Jan. 14, and support at 0.7053, the low of April 19.
Earlier in the day, the Reserve Bank of New Zealand said it would remove some of the emergency monetary stimulus in the "coming months," as it stated that its key interest rate would be held at a record low. The central bank added, however, that the scale of any tightening was likely to be less than in the past.
The Fed, meanwhile, on Wednesday kept its key interest rate near zero, stating that it still plans to keep it there for an "extended period," and slightly upgraded some of its economic forecasts at the conclusion of a two-day rate-setting committee meeting.
The kiwi also rose slightly versus the yen on Thursday, with NZD/JPY advancing 0.14% to reach 67.85.
Later in the day, the U.S. Labor Department was set to publish a weekly report on initial jobless claims, an important gauge of overall economic health.
NZD/USD hit 0.7216 during European morning trade, gaining 0.12%. The pair was likely to find resistance at 0.7439, the high of Jan. 14, and support at 0.7053, the low of April 19.
Earlier in the day, the Reserve Bank of New Zealand said it would remove some of the emergency monetary stimulus in the "coming months," as it stated that its key interest rate would be held at a record low. The central bank added, however, that the scale of any tightening was likely to be less than in the past.
The Fed, meanwhile, on Wednesday kept its key interest rate near zero, stating that it still plans to keep it there for an "extended period," and slightly upgraded some of its economic forecasts at the conclusion of a two-day rate-setting committee meeting.
The kiwi also rose slightly versus the yen on Thursday, with NZD/JPY advancing 0.14% to reach 67.85.
Later in the day, the U.S. Labor Department was set to publish a weekly report on initial jobless claims, an important gauge of overall economic health.