The New Zealand dollar rose against its U.S. peer on
Wednesday, but gains were seen limited as market players were concerned over
Greece's future in the euro zone.
NZD/USD reached 0.7447 during early European trade, the session high; the pair subsequently consolidated at 0.7418, adding 0.26%. Cable was likely to find support at 0.7332, the low of February 6 and resistance at 0.7454, the high of February 4.
Market players were mostly focused on developments in Greece following reports the European Commission could propose a six-month extension to Greece’s existing bailout program at an emergency meeting of the euro group of finance ministers, due to take place later in the day.
Greece's government is expected to ask for a bridge loan to cover its funding needs until September, and to also propose new economic reforms to substitute some of the harshest austerity conditions attached to its bailout.
The New Zealand dollar was higher against the Aussie, with AUD/NZD falling 0.24% to 1.0474.
The Westpac Banking Corporation reported on Wednesday that Australian consumer sentiment rose 8.0% this month, after an increase of 2.4% in January.
Another report indicated that home loans in Australia rose 2.7% in December, surpassing expectations for a 2.0% rise. November's figure was revised to a 0.4% downtick from a previously estimated 0.7% fall.
Later on Wednesday, New Zealand is expected to issue manufacturing activity data.
