Investing.com – The New Zealand dollar slipped from a two-month high against its U.S. counterpart on Thursday, as the Australian dollar rallied after strong employment data built the case for a policy tightening.
NZD/USD hit 0.7746 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7748, shedding 0.49%.
The pair was likely to find support at 0.7668, Wednesday’s low and resistance at 0.7806, Wednesday’s high and a two-month high.
Earlier in the day, government data showed that Australian employment jumped by 37,800 in March, far exceeding expectations of a 22,000 rise. The rise in employment saw the jobless rate decline to its lowest level since December 2008.
The upbeat data rekindled expectations for a rate increase by the Reserve Bank of Australia. The RBA left interest rates on hold on Tuesday, citing an absence of immediate inflation risks and pointing to the high Australian dollar as a headwind for the economy.
The kiwi was also down against the euro, with EUR/NZD rising 0.18% to hit 1.8413.
Later in the day, the U.S. was to publish a weekly report on initial jobless claims.
NZD/USD hit 0.7746 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7748, shedding 0.49%.
The pair was likely to find support at 0.7668, Wednesday’s low and resistance at 0.7806, Wednesday’s high and a two-month high.
Earlier in the day, government data showed that Australian employment jumped by 37,800 in March, far exceeding expectations of a 22,000 rise. The rise in employment saw the jobless rate decline to its lowest level since December 2008.
The upbeat data rekindled expectations for a rate increase by the Reserve Bank of Australia. The RBA left interest rates on hold on Tuesday, citing an absence of immediate inflation risks and pointing to the high Australian dollar as a headwind for the economy.
The kiwi was also down against the euro, with EUR/NZD rising 0.18% to hit 1.8413.
Later in the day, the U.S. was to publish a weekly report on initial jobless claims.