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Forex - NZD/USD drops to 6-year lows in cautious trade

Published 07/16/2015, 02:46 AM
Kiwi hits 6-year trough vs. greenback after mixed N.Z. data
NZD/USD
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EUR/NZD
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Investing.com - The New Zealand dollar dropped to six-year lows against its U.S. counterpart on Thursday, after mixed data from New Zealand and as investors remained cautious even after Greece's parliament approved the latest bailout deal.

NZD/USD hit 0.6498 during late Asian trade, the pair's lowest since July 2009; the pair subsequently consolidated at 0.6534, declining 0.83%.

The pair was likely to find support at 0.6191 and resistance at 0.6723, Wednesday's high.

Data earlier showed that the New Zealand Business Manufacturing Index rose to 55.2 in June from a reading of 51.5 the previous month.

A separate report showed that New Zealand's consumer prices rose 0.4% in the second quarter, less than the expected increase of 0.6%, after a 0.3% fall in the three months to March.

Meanwhile, markets were jittery after Greece's parliament approved late Wednesday the bailout package presented by prime minister Alexis Tsipras.

Tsipras can now begin working with Greece's European creditors to obtain emergency funding, in exchange for a series of economic reforms.

The vote came as violent protests erupted in front the Greek parliament in Athens on Wednesday evening contesting the bailout package.

The kiwi was lower against the euro, with EUR/NZD advancing 0.77% to 1.6740.

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