Investing.com - The New Zealand dropped against its U.S. counterpart on Tuesday, as data showed that New Zealand's inflation expectations ticked lower in the last quarter, while demand for the greenback remained broadly supported.
NZD/USD hit 0.7808 during late Asian trade, the pair's lowest since November 20; the pair subsequently consolidated at 0.7809, declining 0.66%.
The pair was likely to find support at 0.7710, the low of November 11 and resistance at 0.7951, the high of November 21.
In a report, the Reserve Bank of New Zealand said inflation expectations ticked down to 2.1% in the third quarter, from 2.2% in the three months to June.
Meanwhile, the greenback continued to be underpinned after the minutes of the Federal Reserve's October meeting indicated last week that officials believe the economic recovery is strong enough to withstand external threats to growth, but offered little additional clarity about when rates could start to rise.
The Fed wound up its asset purchasing stimulus program last month and is expected to start raising rates around September 2015.
The kiwi was lower against the euro, with EUR/NZD gaining 0.47% to 1.5905.
Later in the day, the U.S. was to release revised data on third quarter gross domestic product and a report on consumer confidence.