Investing.com – New Zealand’s dollar pared gains against its U.S. counterpart on Monday, retreating from a 5-week high, after a downbeat assessment of the country’s economic outlook by the country’s Treasury Department.
NZD/USD retreated from 0.7340 during European morning trade, the pair’s highest since August 6; the pair subsequently consolidated at 0.7320, gaining 0.09%.
The pair was likely to find support at 0.7158, the low of September 8, and resistance at 0.7394, the high of July 27.
Earlier in the day, the Treasury Department said in a report that gross domestic product was likely to decrease by 0.4% in the third quarter following last Saturday’s earthquake.
The report added that GDP growth in the third quarter was expected to remain positive.
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The kiwi was also down against the euro, with EUR/NZD gaining 0.58% to hit 1.7501.
Later in the day, New Zealand was to produce official data on retail sales.
NZD/USD retreated from 0.7340 during European morning trade, the pair’s highest since August 6; the pair subsequently consolidated at 0.7320, gaining 0.09%.
The pair was likely to find support at 0.7158, the low of September 8, and resistance at 0.7394, the high of July 27.
Earlier in the day, the Treasury Department said in a report that gross domestic product was likely to decrease by 0.4% in the third quarter following last Saturday’s earthquake.
The report added that GDP growth in the third quarter was expected to remain positive.
.
The kiwi was also down against the euro, with EUR/NZD gaining 0.58% to hit 1.7501.
Later in the day, New Zealand was to produce official data on retail sales.