Asian Session Shows New Zealand Dollar Gain against U.S. Dollar

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Asian Session Shows New Zealand Dollar against U.S. Dollar
Asian Session Shows New Zealand Dollar against U.S. Dollar

Asian market session on Thursday saw the New Zealand Dollar trading lower in comparison to its U.S. rival, with traders looking to be involved with fare that is more passive, one day after the U.S. session witnessing plummeting stocks and commodities. A closer look at the market data revealed that the NZD/USD dropped 0.19% to 0.8485. The pair was expected to locate support at 0.8540, which was recorded as Tuesday’s low and seek resistance at 0.8584 that was Tuesday’s high as well as a two-week high. The kiwi was seen to come under pressure subsequent to unsatisfactory results from the recent Global Dairy Trade auction. The auction indicated a 10% fall in the price f whole milk powder, which was a principal export of New Zealand to China.

The AUD/NZD edged lower by 0.05% to a position of 1.2085 following statements from Australian Bureau of Statistics that Australian Import Price Index did not witness any changes, which was at 0% previous month. Analysts estimated a reading of -0.5%.

In other reports, the Bureau of Statistics stated that Australian building approvals lowered 5.5% in March. However, economists had speculated an increase of 1.5%. NZD/JPY was seen to have declined 0.22% to 82.60.
The Australian Dollar was observed to be trading lower in comparison to the U.S. Dollar during the Asian session on Thursday. The AUD/USD declined 0.15% to 1.0264. The pair was expected to discover support at 1.0328, which was Tuesday’s low and seek resistance at 1.0384, which was recorded as Tuesday’s high.

The EUR/AUD was seen to have gained 0.10% to 1.2839, and the AUD/JPY slid 0.12% to 99.97. The EUR/USD inched lower by 0.03% to a position of 1.3177 with traders watching the winding up of the European Central Bank meeting later Thursday.

The U.S. Dollar indicated mixed trends during the Asian session on Thursday, with traders seeking safe haven after the unsteady trends of U.S. equities on Wednesday. USD/JPY slid 0.13% to 97.28. The GBP/USD inched ahead 0.01% to 1.5559, USD/CHF was indicated flat trends at 0.9275 whereas USD/CAD slid 0.06% to 1.0079.