Investing.com – The New Zealand dollar eased off a multi-month low against its U.S. counterpart on Thursday, but remained weaker amid fears over Japan’s escalating nuclear crisis.
NZD/USD clawed back up from 0.7108, the pair’s lowest since August 2, to hit 0.7232 during late Asian trade, shedding 0.66%.
The pair was likely to find support at 0.6980, the low of August 1 and resistance at 0.7356, Wednesday’s high.
Earlier in the day, Japanese authorities said they were stepping up efforts to cool reactors at the stricken Fukushima Daiichi nuclear plant, 155 miles north east of Tokyo. Army helicopters dropped sea water on the plant, amid desperate attempts to keep spent fuel rods from over-heating and causing further radiation leaks.
The kiwi was also sharply lower against the yen, with NZD/JPY tumbling 1.15% to hit 57.25.
Also Thursday, New Zealand’s Finance Minister Bill English said the government planned to borrow up to NZD10 billion to rebuild Christchurch, its second-largest city, after a devastating earthquake last month, potentially pushing its debt to more than 30% of gross domestic product by June 2014.
NZD/USD clawed back up from 0.7108, the pair’s lowest since August 2, to hit 0.7232 during late Asian trade, shedding 0.66%.
The pair was likely to find support at 0.6980, the low of August 1 and resistance at 0.7356, Wednesday’s high.
Earlier in the day, Japanese authorities said they were stepping up efforts to cool reactors at the stricken Fukushima Daiichi nuclear plant, 155 miles north east of Tokyo. Army helicopters dropped sea water on the plant, amid desperate attempts to keep spent fuel rods from over-heating and causing further radiation leaks.
The kiwi was also sharply lower against the yen, with NZD/JPY tumbling 1.15% to hit 57.25.
Also Thursday, New Zealand’s Finance Minister Bill English said the government planned to borrow up to NZD10 billion to rebuild Christchurch, its second-largest city, after a devastating earthquake last month, potentially pushing its debt to more than 30% of gross domestic product by June 2014.