Investing.com - The New Zealand dollar tumbled over 1% to two-month lows against its U.S. counterpart on Monday, as demand for the greenback remained broadly supported despite Friday's disappointing U.S. employment data.
NZD/USD hit 0.7372 during late Asian trade, the pair's lowest since March 19; the pair subsequently consolidated at 0.7399, plummeting 1.28%.
The pair was likely to find support at 0.7293, the low of March 17 and resistance at 0.7502, the high of May 8.
The greenback remained supported after the Labor Department reported on Friday that the U.S. economy added 223,000 jobs in April, just shy of economists forecast for 224,000. The unemployment rate ticked down from 5.5% to 5.4%, the lowest since May 2008.
However, March’s payrolls report was revised to show that only 85,000 jobs were created, the fewest since June 2012.
The kiwi was also lower against the Australian dollar, with AUD/NZD gaining 0.91% to 1.0685.
Earlier Monday, the National Australia Bank said that its business confidence index remained unchanged at 3 last month.