New Zealand Dollar Trades Lower against U.S. Dollar Following Bleak Real Estate Data

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New Zealand Dollar Trades Lower against U.S. Dollar Following Bleak Real Estate Data
New Zealand Dollar Trades Lower against U.S. Dollar Following Bleak Real Estate Data

The Asian trading session on Tuesday witnessed the weaker New Zealand Dollar in comparison to the U.S. Dollar subsequent to the announcement of unsatisfactory real estate data. A closer look at the market details indicated that the NZD/USD slid 0.22% to 0.8549. The pair was expected to locate support at 0.8471, which was the low of April 26 and seek resistance at 0.8562 that was the high of April 15. With data from Statistics New Zealand, that New Zealand building consents fell 9.1%, the currency was clearly under pressure against other major currencies in the market. Not including apartments, consents declined 3.1%, and the total worth of all consents increased 10% to a value of NZD937 million, whereas non-residential consents soared 20% to NZD365 million.

During the previous week, the Reserve Bank of New Zealand specified it was apprehensive about the probable overheating of the country’s real estate market. Even though, RBNZ maintained rates at a record low value of 2.5% subsequent to its latest policy meeting, the central bank did not rule a rate hike for calming down the property prices.

The NZD/JPY increased 0.10% to 83.86 following statements from Japan’s Statistics Bureau that the country’s unemployment rate lowered to 4.1% in March from a value of 4.3% in February. Analysts, however, had speculated a reading of 4.3% for the month of March.

AUD/NZD climbed 0.15% to 1.2105 after the Reserve Bank of Australia announced that Australian private sector had recorded as rise 0.2% last month, with analysts expecting a 0.3% rise.

During the Asian market session on Tuesday, the trends of the U.S. Dollar were seen to be at a gain in comparison to the Japanese Yen after announcement of Japanese data points. The USD/JPY increased 0.31% to 98.09, and the pair was expected to seek resistance at 98.20, which was recorded as the former high, and locate support at 95.83, which was the low from April 15.

EUR/JPY climbed 0.19% to 128.35, and AUD/JPY advanced 0.30% to 101.54. The GBP/USD lowered 0.08% to 1.5490 after GfK NOP’s consumer confidence index slid to a value of -27 this month from -26 seen in previous month. However, economists had speculated the reading to remain unchanged.