NZD/USD Weighed by Softer Australian Dollar

        0428 GMT [Dow Jones] The NZD/USD has "drifted off but is still holding up," says Tim Kelleher, head of FX institutional sales at ASB. There has been "more pressure on the Aussie because of iron ore, the Chinese property stuff and more Asian worries than anything else, so we have seen the Kiwi outperform against the Aussie," he says. He notes Reserve Bank of Australia Assistant Governor Guy Debelle has also talked the Aussie down. "While the Kiwi will follow it lower, because there are buyers of Kiwi and sellers of Aussie it will go at a slower pace." The USD is looking across the board like it could strengthen toward the end of the week, he says, and the market is still very long Kiwi, so "I wouldn't be surprised to see a cleanout at some stage." The pair is at 0.8619 and Kelleher says it has support at 0.8600 and resistance at 0.8640. (rebecca.howard@wsj.com; Twitter: @FarroHoward)
        (END) Dow Jones Newswires

        May 20, 2014 00:28 ET (04:28 GMT)