Investing.com - The New Zealand dollar dropped against its U.S. counterpart on Monday, although demand for the greenback remained pressured by Friday's U.S. economic reports and as trading volumes were expected to remain thin with no major U.S. data to be released throughout the day.
NZD/USD hit 0.7417 during late Asian trade, the pair's lowest since May 13; the pair subsequently consolidated at 0.7429, sliding 0.59%.
The pair was likely to find support at 0.7326, the low of May 11 and resistance at 0.7494, the high of May 15.
The greenback remained under pressure after data on Friday showed that U.S. industrial production fell for the fifth straight month in April and another report showed that U.S. consumer sentiment deteriorated to a seven month low this month.
The reports came after disappointing data on retail sales and producer inflation earlier in the week and dampened hopes for a second quarter rebound after a sharp slowdown in growth in the first three months of the year.
The kiwi was lower against the Australian dollar, with AUD/NZD gaining 0.40% to 1.0792.
Earlier Monday, the Australian Bureau of Statistics reported that new motor vehicle sales fell 1.5% last month, after a 0.5% rise in March.