Investing.com - The New Zealand dollar declined against its U.S. counterpart on Tuesday, as investors remained cautious ahead of the Federal Reserve''s meeting minutes, due on Wednesday.
NZD/USD hit 0.8588 during late Asian trade, the pair''s lowest since April 30; the pair subsequently consolidated at 0.8595, declining 0.39%.
The pair was likely to find support at 0.8549, the low of April 30 and resistance at 0.8695, the high of May 15.
Market participants eyed the minutes from the Fed’s latest monetary policy meeting on Wednesday for further indications on the central bank''s view of the economy.
Recent U.S. economic reports indicating that the recovery remains uneven have weighed on U.S. Treasury yields, pressuring the dollar lower.
The kiwi was higher against the Australian dollar, with AUD/NZD shedding 0.23%, to 1.0788.
Also Tuesday, the minutes of the Reserve Bank of Australia''s May policy meeting showed that the bank plans to hold interest rates at recors lows for an extended period of time, seeing as "overall growth in coming quarters is likely to be below trend."
Separately, the Conference Board said its leading index for Australia was flat in March, after a 0.2% rise in February, whose figure was revised down from a previously estimated 0.3% increase.