Investing.com – New Zealand’s dollar was down against its U.S. counterpart on Monday, tumbling to hit a 2-day low, as the greenback rallied following Friday’s better-than-expected data on U.S. non-farm payrolls.
NZD/USD hit 0.7850 during European afternoon trade, the pair’s lowest since November 4; the pair subsequently consolidated at 0.7865, tumbling 1.12%.
The pair was likely to find support at 0.7700, the low of November 3, and resistance at 07974, the high of November 4 and a 30-month high.
On Friday, the U.S. Department of Labor said that non-farm payrolls rose significantly more-than-expected in October, climbing by 151K after falling by a revised 41K in September. Analysts had expected non-farm payrolls to rise by 60K in October.
The strong data eased the selling pressure that had come to bear on the dollar following the Federal Reserve's announcement on a new round of quantitative easing.
The kiwi was also down against the euro, with EUR/NZD gaining 0.43% to hit 1.7719.
Earlier in the day, New Zealand’s Prime Minister John Key said that the kiwi was likely to rise above 80 U.S. cents, causing further problems for exporters. The government was not planning to intervene as it was a “very expensive” course of action and there was little evidence it had worked in the past, Key said.
NZD/USD hit 0.7850 during European afternoon trade, the pair’s lowest since November 4; the pair subsequently consolidated at 0.7865, tumbling 1.12%.
The pair was likely to find support at 0.7700, the low of November 3, and resistance at 07974, the high of November 4 and a 30-month high.
On Friday, the U.S. Department of Labor said that non-farm payrolls rose significantly more-than-expected in October, climbing by 151K after falling by a revised 41K in September. Analysts had expected non-farm payrolls to rise by 60K in October.
The strong data eased the selling pressure that had come to bear on the dollar following the Federal Reserve's announcement on a new round of quantitative easing.
The kiwi was also down against the euro, with EUR/NZD gaining 0.43% to hit 1.7719.
Earlier in the day, New Zealand’s Prime Minister John Key said that the kiwi was likely to rise above 80 U.S. cents, causing further problems for exporters. The government was not planning to intervene as it was a “very expensive” course of action and there was little evidence it had worked in the past, Key said.