Investing.com – New Zealand’s dollar trimmed losses against its U.S. counterpart on Thursday, retreating from a daily low, following the release of worse-than-expected U.S. manufacturing data.
NZD/USD retreated from 0.7479, the daily low to hit 0.7521 during European afternoon trade, shedding 0.39%.
The pair was likely to find support at 0.7425, Wednesday’s low and resistance at 0.7599, the high of October 19.
Earlier in the day, the Federal Reserve Bank of Philadelphia said that it’s manufacturing index rose less-than-expected in October, climbing to 1.0, after falling to 0.7 in September.
Analysts had expected the index to rise to 2.3 in October.
The report said that while the new orders index continued to suggest weak demand for manufactured goods and that the price of firm’s manufactured goods continued to decline, the survey suggested that optimism among the region’s manufacturing executives improved notably in October.
The kiwi was also down against the euro, with EUR/NZD gaining 0.65% to hit 1.8619.
Also Thursday, official data showed that U.S. initial jobless claims fell more-than-expected last week.
NZD/USD retreated from 0.7479, the daily low to hit 0.7521 during European afternoon trade, shedding 0.39%.
The pair was likely to find support at 0.7425, Wednesday’s low and resistance at 0.7599, the high of October 19.
Earlier in the day, the Federal Reserve Bank of Philadelphia said that it’s manufacturing index rose less-than-expected in October, climbing to 1.0, after falling to 0.7 in September.
Analysts had expected the index to rise to 2.3 in October.
The report said that while the new orders index continued to suggest weak demand for manufactured goods and that the price of firm’s manufactured goods continued to decline, the survey suggested that optimism among the region’s manufacturing executives improved notably in October.
The kiwi was also down against the euro, with EUR/NZD gaining 0.65% to hit 1.8619.
Also Thursday, official data showed that U.S. initial jobless claims fell more-than-expected last week.