Investing.com - The New Zealand dollar was down against its U.S. counterpart on Monday, falling to a three-day low as renewed concerns over the debt crisis in the euro zone dampened risk appetite.
NZD/USD hit 0.8004 during late Asian trade, the pair's lowest since October 27; the pair subsequently consolidated at 0.8010, shedding 0.71%.
The pair was likely to find support at 0.7913, the low of October 26 and resistance at 0.8193, the high of June 22.
Market sentiment was hit by uncertainty over how the package of anti-crisis measures agreed on at last Thursday’s European Union summit could be implemented.
Meanwhile, reports that Greek Prime Minister George Papandreou has called a referendum on the new aid package as well as surging Italian borrowing costs added to pressure on the risk-related kiwi.
Earlier Tuesday, official data showed that the New Zealand labor cost index remained unchanged in the third quarter at 0.5%, confounding expectations for a reading at 0.8%.
Elsewhere, data showing that Chinese manufacturing activity dropped to its lowest level since February 2009 in October also weighed on the kiwi. China is New Zealand's second largest export destination.
The New Zealand dollar was up against its Australian counterpart with AUD/NZD shedding 0.68%, to trade at 1.2962.
Also Tuesday, the Reserve Bank of Australia cut its cash rate by 0.25% to 4.5%, citing a moderation in the pace of global growth.
Later in the day, the Institute of Supply Management is to produce a report on U.S. manufacturing activity.
NZD/USD hit 0.8004 during late Asian trade, the pair's lowest since October 27; the pair subsequently consolidated at 0.8010, shedding 0.71%.
The pair was likely to find support at 0.7913, the low of October 26 and resistance at 0.8193, the high of June 22.
Market sentiment was hit by uncertainty over how the package of anti-crisis measures agreed on at last Thursday’s European Union summit could be implemented.
Meanwhile, reports that Greek Prime Minister George Papandreou has called a referendum on the new aid package as well as surging Italian borrowing costs added to pressure on the risk-related kiwi.
Earlier Tuesday, official data showed that the New Zealand labor cost index remained unchanged in the third quarter at 0.5%, confounding expectations for a reading at 0.8%.
Elsewhere, data showing that Chinese manufacturing activity dropped to its lowest level since February 2009 in October also weighed on the kiwi. China is New Zealand's second largest export destination.
The New Zealand dollar was up against its Australian counterpart with AUD/NZD shedding 0.68%, to trade at 1.2962.
Also Tuesday, the Reserve Bank of Australia cut its cash rate by 0.25% to 4.5%, citing a moderation in the pace of global growth.
Later in the day, the Institute of Supply Management is to produce a report on U.S. manufacturing activity.