Investing.com - The New Zealand dollar was lower against its U.S. counterpart on Monday, weighed by data showing that China's trade surplus narrowed far more-than-expected last month and as the greenback continued to be broadly supported.
NZD/USD hit 0.7446 during late Asian trade, the pair's lowest since April 2; the pair subsequently consolidated at 0.7471, retreating 0.92%.
The pair was likely to find support at 0.7422, the low of April 2 and resistance at 0.7560, the high of April 7.
Data earlier showed that China's trade surplus narrowed to $3.08 billion in March from $60.60 billion the previous month. Analysts had expected the trade surplus to narrow to $45.35 billion last month.
China is New Zealand's second biggest export partner.
Meanwhile, demand for the dollar remained supported by expectations for higher interest rates, as investors regained confidence that the U.S. economy would continue to recover after recent economic reports pointed to a slowdown at the start of the year.
The kiwi was higher against the Australian dollar, with AUD/NZD shedding 0.16% to 1.0183.