Investing.com - The New Zealand dollar fell to one-month lows against its U.S. counterpart on Monday, after the release of downbeat trade balance data from New Zealand, while Friday's strong U.S. data continued to support the greenback.
NZD/USD hit 0.8527 during late Asian trade, the pair's lowest since April 29; the pair subsequently consolidated at 0.8536, slipping 0.21%.
The pair was likely to find support at 0.8502, the low of March 20 and resistance at 0.8631, the high of April 30.
Official data earlier showed that New Zealand's trade surplus narrowed to NZ$534 million in April, from NZ$920 million the previous month. Analysts had expected the trade surplus to narrow to NZ$667 million last month.
Meanwhile, the greenback remained supported after data on new home sales on Friday added to signs of a recovery in the housing market.
The Commerce Department reported that sales of new homes rose by a larger-than-expected 6.4% to 433,000 in April, after two months of decline. Analysts had been expecting a figure of 425,000. March's number was revised up from 384,000 to 407,000.
The kiwi was lower against the euro, with EUR/NZD edging up 0.12% to 1.5961.
Trade volumes were expected to remain thin on Monday with U.K. markets closed for a public holiday and markets in the U.S. remaining shut for the Memorial Day holiday.