Investing.com - The New Zealand dollar edged higher against its U.S. counterpart on Wednesday, boosted a positive trade balance report from New Zealand, although gains were limited by broad strength in the greenback.
NZD/USD hit 0.6513 during late Asian trade, the session high; the pair subsequently consolidated at 0.6493, adding 0.29%.
The pair was likely to find support at 0.6423, Tuesday's low and resistance at 0.6567, Tuesday's high.
Statistics New Zealand reported on Wednesday that the trade deficit widened to NZ$649 million in July from NZ$194 million in June, whose figure was revised from a previously estimated deficit of NZ$60 million.
Analysts had expected the trade deficit to widen to NZ$750 million last month.
Meanwhile, the greenback remained supported after the U.S. Conference Board said on Tuesday that its index of consumer confidence jumped to a seven-month high of 101.5 this month from a reading of 91.0 in July.
The U.S. dollar was also boosted after the People’s Bank of China cut interest rates by 25 basis points to 4.6% on Tuesday, in a bid to bolster economic growth after a plunge in the country’s stock market.
The kiwi was higher against the euro, with EUR/NZD dropping 0.55% to 1.7691.