NZDUSD New Zealand Dollar vs United States Dollar

The New Zealand dollar continued to be strong against the other major currencies in the Asian session on Wednesday, as Asian shares are trading mostly higher after data showed the U.S. economy grew faster than initially estimated in the third quarter.

U.S. third-quarter GDP growth was revised up more than expected, consumer confidence soared in November to a post-recession high and a gauge of home prices for September topped its previous peak set in July 2006, bolstering the case for the Federal Reserve to raise interest rates next month.

Traders bet the U.S. Federal Reserve will raise interest rates next month and gradually tighten monetary policy in 2017.

Meanwhile, the crude oil prices recovered as investors brace up for the possible OPEC output cut deal at today's OPEC meeting in Vienna.

Crude oil prices for January delivery is currently up by 0.29 percent or $45.52 per barrel.

In economic news, data from ANZ Bank of New Zealand showed that the business confidence in New Zealand took a big hit in November, with an index score of 20.5. That's down sharply from 24.5 in October.

The outlook also was not encouraging, slipping to a reading of 37.6 in November from 38.4 in the previous month.

Also, data from the Reserve Bank of New Zealand showed that New Zealand's money supply growth quickened in October, after easing in the previous two months. The broad money supply, or M3, rose 7.1 percent year-over-year in October, faster than the 4.8 percent climb in September.

Tuesday, the NZ dollar rose 0.42 percent against the U.S. dollar, 0.95 percent against the yen, 0.41 percent against the euro, and 0.69 percent against the Australian dollar.

In the Asian trading, the NZ dollar rose to nearly a 1-year high of 80.43 against the yen and a 3-week high of 1.4869 against the euro, from yesterday's closing quotes of 80.07 and 1.4940, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 83.00 against the yen and 1.46 against the euro.

Against the U.S. and the Australian dollars, the kiwi advanced to nearly a 3-week high of 0.7159 and an 8-day high of 1.0453 from yesterday's closing quotes of 0.7126 and 1.0501, respectively. The kiwi may test resistance around against 0.75 against the greenback and 1.02 against the aussie.

Looking ahead, the German retail sales data for November and Swiss UBS consumption indicator for October are due to be released in the pre-European session at 2:00 am ET. At the same time, Bank of England publishes financial stability report.

Swiss KOF leading indicator, German unemployment rate and Eurozone CPI data, all for November, are slated for release later in the day.

At 7:30 am ET, European Central Bank President Mario Draghi is expected to speak about the future of Europe at the University of Deusto Business School, in Madrid.

At 8:00 am ET, Federal Reserve Bank of Dallas President Robert Kaplan is expected to speak before the Economic Club of New York.

In the New York session, U.S. ADP private sector jobs data for November, U.S. personal income and spending data for October, U.S. Chicago PMI for November, U.S. pending home sales data for October, U.S. crude oil inventories data, Canada GDP data for September, industrial products and raw materials price indexes for October are set to be announced.

At 11:00 am ET, German Bundesbank President Jens Weidmann is expected to speak at the Axica Conference Center, in Berlin.

At 11:45 am ET, Federal Reserve Governor Jerome Powell will deliver a speech titled "The View from the Fed" at the Brookings Institution, in Washington DC.

NZD vs US Dollar (FX:NZDUSD)
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NZD vs US Dollar (FX:NZDUSD)
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