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Forex - NZD/USD slips lower in cautious trade

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Investing.com - The New Zealand dollar slipped lower against its U.S. counterpart on Monday, as markets wrre jittery after the release of Chinese economic data, although Friday's strong U.S. jobs report continued to support sentiment.

NZD/USD hit 0.8192 during late Asian trade, the session low; the pair subsequently consolidated at 0.8209, easing 0.07%.

The pair was likely to find support at 0.8164, the low of December 27 and resistance at 0.8243, the high of December 26.

Concerns over a possible slowdown in the world's second-largest economy weighed on sentiment after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.

China is New Zealand's second biggest export partner.

The report came after data on Friday showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

The robust data added to speculation over an earlier-than-expected end to the Federal Reserve's easing program, bolstering demand for the dollar.

The kiwi was fractionally lower against the Australian dollar with AUD/NZD edging up 0.08%, to hit 1.2470.

Also Monday, official data showed that Germany's trade surplus declined to EUR15.7 billion in January from a revised 16.9 billion the previous month.

German exports rose by a seasonally adjusted 1.4% in January compared to the same month last year, while imports rose 3.3%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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