The NZD/USD "dribbled lower" in overnight trading as investors pared back on risk appetite because of concerns about the European economy, says Bank of New Zealand currency strategist Mike Jones in a note. "Last night's slug of European data was disappointing--German factory orders underwhelmed in November, euro-zone retail sales eked out just a 0.1% on-month gain and euro-zone unemployment rose to a fresh EU-era high of 11.8%." The pair is at 0.8351 vs 0.8363 late Tuesday in NZ. NZ building consent data for November is due this morning, Jones says. "Following October's 1.5% dip (on month), we're looking for a reasonable increase to support our strong view of NZ construction activity." He puts short-term support for the NZD/USD at 0.8280, with resistance at 0.8400.
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