Investing.com – The New Zealand dollar slumped against the greenback on Tuesday amid fears over euro zone sovereign debt, as investors fretted that a rescue package may not combat the crisis that has engulfed the region.
NZD/USD hit 0.7159 during European afternoon trade, a daily low; the pair subsequently consolidated around 0.7171, shedding a 0.75%. The pair was likely to find support at 0.7008, last Thursday's low, and resistance at 0.7324, the high of May 3.
The kiwi's decline versus its U.S. counterpart also came after official data showed that consumer prices in China rose at the fastest pace in 18 months in April and industrial output gained less than forecast.
Meanwhile, the New Zealand dollar tumbled against the yen, with NZD/JPY shedding 1.63% to hit 66.3.
Also Tuesday, Germany's opposition Social Democrats said they had not decided whether to support the European rescue package for the euro, and warned the country could end up footing the entire cost of the bill, Reuters reported.
NZD/USD hit 0.7159 during European afternoon trade, a daily low; the pair subsequently consolidated around 0.7171, shedding a 0.75%. The pair was likely to find support at 0.7008, last Thursday's low, and resistance at 0.7324, the high of May 3.
The kiwi's decline versus its U.S. counterpart also came after official data showed that consumer prices in China rose at the fastest pace in 18 months in April and industrial output gained less than forecast.
Meanwhile, the New Zealand dollar tumbled against the yen, with NZD/JPY shedding 1.63% to hit 66.3.
Also Tuesday, Germany's opposition Social Democrats said they had not decided whether to support the European rescue package for the euro, and warned the country could end up footing the entire cost of the bill, Reuters reported.