NZD/USD Recovers Some Ground, Resistance Eyed at 0.8440

1943 GMT [Dow Jones] NZD/USD recovered some ground to open at 0.8396 after dipping on broad USD strength following Fed Chair Yellen's address to the U.S. Jackson Hole meeting of global central bankers on Friday night, says BNZ FX Strategist Kymberly Martin. Yellen "didn't come down firmly on one side of the fence or the other with regards to the current state of the U.S. labor market," says Martin. While Yellen reiterated "her view that there is still 'significant' slack in the labour market" she also "referenced the possibility that 'increases in the federal funds rate target could come sooner than the Committee currently expects and could be more rapid thereafter.'" With little data on the day support is around 0.8350 while resistance is eyed at 0.8440, says Martin. (rebecca.howard@wsj.com; @FarroHoward)

(END) Dow Jones Newswires
August 24, 2014 15:43 ET (19:43 GMT)