Investing.com - The New Zealand dollar fell against its U.S. counterpart on Monday, as Friday’s weak U.S. employment report and sustained global growth concerns weighed on demand for riskier assets.
NZD/USD hit 0.7956 during late Asian trade, the pair’s lowest since June 29; the pair subsequently consolidated at 0.7962, shedding 0.21%.
The pair was likely to find support at 0.7915, the low of June 20 and resistance at 0.8040, the low of June 29.
The U.S. Bureau of Labor Statistics said on Friday that the economy added 80,000 jobs in June, below market forecasts for a gain of around 90,000.
April figures were revised to 68,000 from 77,000 jobs, while May's numbers were revised to 77,000 from 69,000.
The report also showed that the U.S. unemployment rate held steady at 8.2% in June, in line with expectations.
Meanwhile, data showing earlier Monday that consumer and producer price inflation in China eased more-than-expected in June added to concerns over the outlook for growth in the world’s second largest economy, after the People’s Bank of China cut interest rates for the second time in less than a month last Thursday.
Consumer price inflation rose 2.2% in June, less than expectations for a 2.4% increase, while producer price inflation fell 2.1%, more than expectations for a 2.0% decline.
China is New Zealand’s second biggest export partner.
Elsewhere, the kiwi was steady against the Australian dollar with AUD/NZD inching 0.02% lower, to hit 1.2794.
Also Monday, industry data showed that the number of job advertisements in Australia fell 1.2% in June, following a 2.6% decline the previous month.
Later in the day, a report was to be produced on investor confidence in the euro zone, while European Central Bank President Mario Draghi was to testify before the European Parliament.
Investors were also eyeing a meeting of euro zone finance ministers in Brussels, to discuss a plan announced last month to help the region’s indebted nations and banking systems.
NZD/USD hit 0.7956 during late Asian trade, the pair’s lowest since June 29; the pair subsequently consolidated at 0.7962, shedding 0.21%.
The pair was likely to find support at 0.7915, the low of June 20 and resistance at 0.8040, the low of June 29.
The U.S. Bureau of Labor Statistics said on Friday that the economy added 80,000 jobs in June, below market forecasts for a gain of around 90,000.
April figures were revised to 68,000 from 77,000 jobs, while May's numbers were revised to 77,000 from 69,000.
The report also showed that the U.S. unemployment rate held steady at 8.2% in June, in line with expectations.
Meanwhile, data showing earlier Monday that consumer and producer price inflation in China eased more-than-expected in June added to concerns over the outlook for growth in the world’s second largest economy, after the People’s Bank of China cut interest rates for the second time in less than a month last Thursday.
Consumer price inflation rose 2.2% in June, less than expectations for a 2.4% increase, while producer price inflation fell 2.1%, more than expectations for a 2.0% decline.
China is New Zealand’s second biggest export partner.
Elsewhere, the kiwi was steady against the Australian dollar with AUD/NZD inching 0.02% lower, to hit 1.2794.
Also Monday, industry data showed that the number of job advertisements in Australia fell 1.2% in June, following a 2.6% decline the previous month.
Later in the day, a report was to be produced on investor confidence in the euro zone, while European Central Bank President Mario Draghi was to testify before the European Parliament.
Investors were also eyeing a meeting of euro zone finance ministers in Brussels, to discuss a plan announced last month to help the region’s indebted nations and banking systems.