Investing.com - The New Zealand dollar dropped against its U.S. counterpart on Tuesday, as the greenback recovered from the previous session's downward trend but remained vulnerable.
NZD/USD hit 0.7106 during late Asian trade, the session low; the pair subsequently consolidated at 0.7112, retreating 0.46%.
The pair was likely to find support at 0.7024, Monday's low and resistance at 0.7172, the high of June 4.
Sentiment on the greenback remained vulnerable following rumors on Monday that President Obama told the G7 summit in Germany that the strong dollar was "a problem."
The U.S. dollar had strengthened broadly after a strong U.S. jobs report on Friday bolstered expectations that the Federal Reserve will hike interest rates later this year.
In New Zealand, data earlier showed that manufacturing sales declined by 2.8% in the first quarter, after a 1.0% fall in the last three months of 2014.
The kiwi was lower against the Australian dollar, with AUD/NZD adding 0.10% to 1.0790.
Also Monday, the National Australia Bank reported hat its business confidence index rose to 7 in May from a reading of 3 the previous month.
Another report showed that Australia's home loans increased by 1.0% in April, confounding expectations for a 2.0% decline after a 1.5% fall in March.