RESEARCH VIA DAILY I FOREX REPORT 11 JUNE 2014

  

DAILY CURRENCY UPDATE

NZD/USD rises ahead of RBNZ policy statement
The New Zealand dollar rose against its U.S. counterpart on Wednesday, as markets eyed the Reserve Bank of New Zealand's upcoming policy statement, due later in the day.

NZD/USD hit 0.8557 during late Asian trade, the pair's highest since May 28; the pair subsequently consolidated at 0.8547, gaining 0.22%.
 
The pair was likely to find support at 0.8480, the low of June 9 and resistance at 0.8632, the high of May 20.
 
The New Zealand dollar strengthened as the RBNZ was widely expected to raise its benchmark interest rate by 0.25% at its monthly policy meeting later in the day.
 
Meanwhile, demand for the dollar remained supported by higher U.S. Treasury yields. The yield on the U.S. 10-year Treasury note rose to 2.64% on Tuesday, its highest in a month.

AUD/USD holds steady, near 1-month highs
The Australian dollar held steady near one-month highs against its U.S. counterpart on Wednesday, after the release of positive consumer sentiment data from Australia

AUD/USD hit 0.9390 during late Asian trade, the pair's highest since May 15; the pair subsequently consolidated at 0.9377, inching up 0.05%.
 
The pair was likely to find support at 0.9319, the low of June 6 and resistance at 0.9409, the high of May 14.
 
In a report, the Westpac Banking Corporation sent consumer
 
Meanwhile, demand for the dollar remained supported by higher U.S. Treasury yields. The yield on the U.S. 10-year Treasury note rose to 2.64% on Tuesday.

Euro close to 4-month lows vs. dollar
The euro slid against the dollar on Wednesday, nearing last week’s four-month lows as a widening yield gap between euro zone and U.S. government bonds pressured the single currency lower.
 
EUR/USD edged down 0.09% to 1.3539, not far from the four-month trough of 1.3502 reached last Thursday.
 
The pair was likely to find support at 1.3500 and resistance at 1.3601, Tuesday’s high.
 
Demand for the dollar continued to be underpinned by higher U.S. Treasury yields. The yield on the U.S. 10-year Treasury note rose to 2.64% on Tuesday, its highest in a month.
 
Borrowing costs in the euro zone have fallen in recent sessions due to the diverging monetary policy stance between the European Central Bank and the Federal Reserve

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