Investing.com - The New Zealand dollar moved lower against its U.S. counterpart on Tuesday, as ongoing concers over the outlook for global growth continued to dampen demand for riskier assets.
NZD/USD hit 0.6576 during late Asian trade, the pair’s lowest since February 3; the pair subsequently consolidated at 0.6594, dropping 0.51%.
The pair was likely to find support at 0.6506, the low of February 3 and resistance at 0.6662, Monday’s high.
Investors remained cautious after oil prices fell back below $30 a barrel on Monday amid ongoing supply glut concerns.
Meanwhile, the greenback remained mildly supported after a pick-up in U.S. wage growth to a one year high bolstered the outlook for inflation and increased the likelihood that the Federal Reserve could make further rate hikes in 2016.
The kiwi was higher against the Australian dollar, with AUD/USD sliding 0.32% to 1.0657.
Earlier Tuesday, the National Australia Bank said its business confidence index ticked down to 2 in January from 3 the previous month, in line with expectations.