Investing.com - The New Zealand dollar dropped against its U.S. counterpart on Monday, to trade at three-week lows as Friday's upbeat U.S. employment data continued to lend broad support to the greenback.
NZD/USD hit 0.7339 during late Asian trade, the pair's lowest since February 11; the pair subsequently consolidated at 0.7344, shedding 0.24%.
The pair was likely to find support at 0.7311, the low of February 12 and resistance at 0.7448, the high of February 11.
The greenback remained supported after official data on Friday showed that the U.S. economy added 295,000 jobs in February, far more than the 240,000 forecast by economists. The unemployment rate ticked down to 5.5% from 5.7% in January, the lowest since May 2008.
The strong report fuelled expectations that the Federal Reserve will start raising interest rates around the middle of this year.
The kiwi was steady against the Australian dollar, with AUD/NZD at 1.0475.
Also Monday, data earlier showed that Australia's job advertisements rose 0.9% in February after an increase of 1.2% in January, whose figure was revised from a previously estimated 1.3% gain.