Forex: NZD/USD breaks 0.80 barrier

Kiwi climbs on aussie’s back

Forex: NZD/USD breaks 0.80 barrier Tuesday July 23th:_ The New Zealand dollar has been trading higher against the greenback today, with the pair rising to a one-month high at 0.8007.

According to Chris Hunter, an Auckland-based corporate dealing manager with Western Union Business Solutions, the kiwi was currently pressing up against resistance at 0.8000/10 and if it managed to break through, the pair might head to 0.8150.

Hunter also said that the NZD was being supported by a stronger Australian dollar, which so far today has climbed against the greenback to a four-day high at 0.9283.

The US dollar came under pressure yesterday from disappointing housing data which had Existing Home Sales clocking in at 5.08 million for June, a 1.2 percent fall from May’s 5.14 million.

The pair’s uptick actually started in Asian trading yesterday, when the ascension from an intraday low at 0.7906 saw the pair climb in New York trading to a two-day high at 0.7981.

New Zealand’s Trade Balance data for June m/m is due to be published at 23:45 BST today, early in tomorrow’s Asian session.

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