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COZfx: Kiwi slips lower vs. broadly stronger greenback

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COZfx: Kiwi slips lower vs. broadly stronger greenback

Postby dwang » Tue Sep 09, 2014 2:06 am

COZforex: The New Zealand dollar slipped lower against its US counterpart on Monday, as sustained optimism over the strength of the US economic recovery continued to lend broad support to the greenback.

NZD/USD hit 0.8306 amid late Asian trade, the session low; the pair subsequently consolidated at 0.8313, edging down 0.18%. The pair was likely to find support at 0.8267, the low of September 5 and a seven-month low and resistance at 0.8390, the high of September 2.

Demand for the greenback remained supported despite Friday’s disappointing employment data.

Data showed that the US economy added 142,000 jobs last month, confounding expectations for jobs growth of 225,000. The unemployment rate ticked down to 6.1% from 6.2% in July.

Elsewhere, official data showed that China's trade surplus widened unexpectedly in August to $49.8 billion from $47.3 billion the previous month. Exports rise at an annualized rate of 9.4% last month, compared to expectations for a 8.0% rise.

China is New Zealand's second biggest export partner.

Also Monday, data showed that job advertisements in Australia rise by 1.5% last month, after a 0.5% increase in July, whose figure was revised from a previously estimated 0.3% gain.

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