Investing.com - The New Zealand dollar edged lower against its U.S. counterpart on Wednesday, despite the release of positive New Zealand trade balance data, as a disappointing manufacturing report from China weighed.
NZD/USD hit 0.7950 during late Asian trade, the session low; the pair subsequently consolidated at 0.7974, sliding 0.28%.
The pair was likely to find support at 0.7909, the low of July 22 and resistance at 0.8054, the high of June 19.
Official data showed that New Zealand's trade surplus widened unexpectedly in June, rising to NZD414 million, from a surplus of NZD71 million the previous month.
Analysts had expected the trade balance to swing into a deficit of NZD100 million last month.
In China, the preliminary reading of the HSBC manufacturing purchasing managers’ index fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.
China is New Zealand's second biggest export partner.
Meanwhile, the greenback remained supported as weaker U.S. data recently dampened expectations that the Federal Reserve will scale back its easing program later this year.
The kiwi was higher against the Australian dollar with AUD/NZD slipping 0.15%, to hit 1.1605.
Also Wednesday, official data showed that consumer price inflation in Australia remained unchanged at 0.4% in the second quarter, confounding expectations for an uptick to 0.5%.
Trimmed mean consumer price inflation, which excluded the most volatile 30% of items, rose to 0.5% in the last quarter, from 0.4% in the first quarter, in line with expectations.
Later in the day, the U.S. was to produce official data on new home sales.
NZD/USD hit 0.7950 during late Asian trade, the session low; the pair subsequently consolidated at 0.7974, sliding 0.28%.
The pair was likely to find support at 0.7909, the low of July 22 and resistance at 0.8054, the high of June 19.
Official data showed that New Zealand's trade surplus widened unexpectedly in June, rising to NZD414 million, from a surplus of NZD71 million the previous month.
Analysts had expected the trade balance to swing into a deficit of NZD100 million last month.
In China, the preliminary reading of the HSBC manufacturing purchasing managers’ index fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.
China is New Zealand's second biggest export partner.
Meanwhile, the greenback remained supported as weaker U.S. data recently dampened expectations that the Federal Reserve will scale back its easing program later this year.
The kiwi was higher against the Australian dollar with AUD/NZD slipping 0.15%, to hit 1.1605.
Also Wednesday, official data showed that consumer price inflation in Australia remained unchanged at 0.4% in the second quarter, confounding expectations for an uptick to 0.5%.
Trimmed mean consumer price inflation, which excluded the most volatile 30% of items, rose to 0.5% in the last quarter, from 0.4% in the first quarter, in line with expectations.
Later in the day, the U.S. was to produce official data on new home sales.