Investing.com – New Zealand's dollar fell against its U.S. counterpart on Wednesday, hitting a daily low after official data showed that New Zealand's trade deficit widened significantly more-than-expected in August.
NZD/USD hit 0.7376 during European morning trade, a daily low; the pair subsequently consolidated at 0.7386, shedding 0.11%.
The pair was likely to find support at 0.7303, Tuesday's low and resistance at 0.7441, the high of January 14.
Earlier Wednesday, Statistics New Zealand said the trade deficit widened to NZD 437 million in August, up from a revised NZD 183 million in July. Economists had expected the trade deficit to widen to NZD 365 million in August.
The report said that imports rose to NZD 3.59 billion in August, while exports fell to NZD 3.15 billion in the month.
The kiwi was also down against the euro, with EUR/NZD gaining 0.12% to hit 1.8394.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.
NZD/USD hit 0.7376 during European morning trade, a daily low; the pair subsequently consolidated at 0.7386, shedding 0.11%.
The pair was likely to find support at 0.7303, Tuesday's low and resistance at 0.7441, the high of January 14.
Earlier Wednesday, Statistics New Zealand said the trade deficit widened to NZD 437 million in August, up from a revised NZD 183 million in July. Economists had expected the trade deficit to widen to NZD 365 million in August.
The report said that imports rose to NZD 3.59 billion in August, while exports fell to NZD 3.15 billion in the month.
The kiwi was also down against the euro, with EUR/NZD gaining 0.12% to hit 1.8394.
On Tuesday, data showed that U.S. consumer confidence fell significantly more-than-expected in September as consumers saw no improvement in the labor market.