Investing.com – New Zealand's dollar was down against its U.S. counterpart on Monday, falling to a fresh daily low, as concerns over New Zealand's weak domestic outlook weighed amid a dearth of economic data.
NZD/USD hit 0.7326 during European afternoon trade, a daily low; the pair subsequently consolidated at 0.7356, shedding 0.17%.
The pair was likely to find support at 0.7271, last Friday's low and resistance at 0.7415, last Thursday's high.
Last Wednesday, official data showed that New Zealand's GDP rose less-than-expected in the second quarter. GDP rose by 0.2% in Q2, after rising by a revised 0.5% in the preceding quarter. Analysts had expected GDP to increase by 0.8% in Q2.
Later in the week, the focus will shift to August trade numbers, building consents data and the National Bank business outlook survey for direction.
Meanwhile, the kiwi was up against the euro, with EUR/NZD shedding 0.25% to hit 1.8335.
Earlier Monday, economist Nouriel Roubini, famous for forecasting the credit crisis, warned that the U.S. economy could descend into a second recession. He also said that second-quarter GDP figures for the U.S. were likely to be revised down after “awful” June housing data.
NZD/USD hit 0.7326 during European afternoon trade, a daily low; the pair subsequently consolidated at 0.7356, shedding 0.17%.
The pair was likely to find support at 0.7271, last Friday's low and resistance at 0.7415, last Thursday's high.
Last Wednesday, official data showed that New Zealand's GDP rose less-than-expected in the second quarter. GDP rose by 0.2% in Q2, after rising by a revised 0.5% in the preceding quarter. Analysts had expected GDP to increase by 0.8% in Q2.
Later in the week, the focus will shift to August trade numbers, building consents data and the National Bank business outlook survey for direction.
Meanwhile, the kiwi was up against the euro, with EUR/NZD shedding 0.25% to hit 1.8335.
Earlier Monday, economist Nouriel Roubini, famous for forecasting the credit crisis, warned that the U.S. economy could descend into a second recession. He also said that second-quarter GDP figures for the U.S. were likely to be revised down after “awful” June housing data.