Forex Pros – New Zealand’s dollar was up against its U.S. counterpart on Thursday, surging to a 4-day high as the greenback softened after unexpectedly weak U.S. inflation data and as fears over Irish debt problems eased. NZD/USD hit 0.7782 during European afternoon trade, the pair’s highest since November 12; the pair subsequently consolidated at 0.7765, soaring 0.82%. The pair was likely to find support at 0.7651, the low of November 16 and resistance at 0.7848, the high of November 10. On Wednesday, official U.S. data showed that core consumer price inflation, which excludes food and energy costs, was unexpectedly flat in October for the second successive month, while consumer prices rose less-than-expected. Also, the annual underlying inflation rate hit 0.6%, the lowest level since records began in 1957. The weak data reinforced the Federal Reserves case for its November 3 decision to purchase USD600 billion more of U.S. Treasury bonds. Meanwhile, earlier Thursday, Irish Central bank Governor Patrick Honohan said that he expected the country to receive tens of billions of euros in loans from the EU and the IMF to help recapitalize the country’s stricken banking sector. The kiwi was down against the euro, with EUR/NZD rising 0.12% to hit 1.7577. Later in the day, the U.S. was to publish key weekly data on initial jobless claims, while the Federal Reserve Bank of Philadelphia was due to release a report on manufacturing activity.

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