Investing.com - The New Zealand dollar edged lower against its U.S. counterpart on Monday, despite the release of upbeat business confidence data out of New Zealand, as Chinese manufacturing data and U.S. budget concerns weighed.
NZD/USD hit 0.8252 during late Asian trade, the session low; the pair subsequently consolidated at 0.8269, slipping 0.16%.
The pair was likely to find support at 0.8217, the low of September 25 and resistance at 0.8360, the high of September 24.
Data showed that the ANZ business confidence rose to a 14-year high 54.1 in September, from a reading of 48.1 the previous month.
In China, data showed that the HSBC manufacturing index was revised down to 50.2 from an initial reading of 51.2, indicating the recovery in the world’s second largest economy remains fragile. Economists had expected an unchanged reading.
China is New Zealand's second biggest export partner.
Separately, political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a government shutdown.
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
The kiwi was higher against the euro with EUR/NZD edging down 0.14%, to hit 1.6305.
NZD/USD hit 0.8252 during late Asian trade, the session low; the pair subsequently consolidated at 0.8269, slipping 0.16%.
The pair was likely to find support at 0.8217, the low of September 25 and resistance at 0.8360, the high of September 24.
Data showed that the ANZ business confidence rose to a 14-year high 54.1 in September, from a reading of 48.1 the previous month.
In China, data showed that the HSBC manufacturing index was revised down to 50.2 from an initial reading of 51.2, indicating the recovery in the world’s second largest economy remains fragile. Economists had expected an unchanged reading.
China is New Zealand's second biggest export partner.
Separately, political wrangling in Washington over funding for President Barack Obama’s healthcare law continued over the weekend, fuelling fears over the prospect for a government shutdown.
Congress must pass a short-term budget by midnight on Monday in order to keep the government open.
Republican opposition to the funding of the Affordable Care Act has created a standoff with the White House and the Democratic-controlled Senate, which have both said they will not support any budget bill that defunds or amends Obamacare.
The kiwi was higher against the euro with EUR/NZD edging down 0.14%, to hit 1.6305.