The New Zealand dollar strengthened against the other major currencies in the Asian session on Tuesday, as traders await the speech by Reserve Bank governor Graeme Wheeler and the U.S. monetary policy announcement, both due on Wednesday.

Wheeler is expected to speak on the outlook for New Zealand's economy. The market expect the speech to provide guidance, as the currency gained despite last week's rate cut.

Traders also await the two-day U.S. Federal Reserve meeting that begins later in the day. Analysts do not expect the Fed to raise interest rates before September but traders will be scrutinizing the statement for any hints about the timing of the first rate hike.

Monday, the NZ dollar showed mixed trading against its major rivals. While the kiwi rose against the U.S. and the Australian dollars, it fell against the yen and the euro.

In the Asian trading now, the NZ dollar rose to more than a 1-1/2-month high of 1.0949 against the Australian dollar, from yesterday's closing value of 1.1004. If the kiwi extends its uptrend, it is likely to find resistance around the 1.07 area.

Against the U.S. dollar and the yen, the kiwi advanced to a 5-day highs of 0.6648 and 82.09 from yesterday's closing quotes of 0.6603 and 81.38, respectively. The kiwi may test support near 0.67 against the greenback and 83.00 against the yen.

The kiwi edged up to 1.6658 against the euro, from yesterday's closing value of 1.6775. On the downside, 1.63 is seen as the next support level for the kiwi.

Looking ahead, the first estimate of the U.K. GDP for the second quarter and the U.K. index of services for May is due to be released at 4:30 am ET.

In the New York session, Canada industrial product and raw materials price indices for June and U.S. S&P/Case-Shiller home price index for May, Markit's preliminary U.S. service sector PMI report for July and U.S. consumer confidence for July are slated for release.

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