Investing.com - The New Zealand dollar was sharply lower against its U.S. counterpart on Monday, falling to a six-month low as renewed concerns over a potential Greek default dampened risk sentiment.
NZD/USD hit 0.7572 during late Asian trade, the pair's lowest since March 30; the pair subsequently consolidated at 0.7612, inching down 0.02%.
The pair was likely to find support at 0.7421, the low of March 24 and resistance at 0.7709, the high of September 30.
Market sentiment was hit after Greece's Prime Minister George Papandreou acknowledged on Sunday that his country will not be able to meet its deficit target this year, increasing expectations for an imminent default.
The Greek government also announced that EUR6.6 billion in new austerity measures will be implemented in 2011 and 2012, in an attempt to bring the country's budget back on track.
Inspectors from the European Union, the International Monetary Fund and the European Central Bank held discussions in Athens over the weekend and will soon decide whether the country is eligible to receive further financial assistance.
Meanwhile, the kiwi was up against the euro with EUR/NZD shedding 0.17%, to hit 1.7547.
Later in the day, the Institute for Supply Management was to produce a report on U.S. manufacturing activity.
NZD/USD hit 0.7572 during late Asian trade, the pair's lowest since March 30; the pair subsequently consolidated at 0.7612, inching down 0.02%.
The pair was likely to find support at 0.7421, the low of March 24 and resistance at 0.7709, the high of September 30.
Market sentiment was hit after Greece's Prime Minister George Papandreou acknowledged on Sunday that his country will not be able to meet its deficit target this year, increasing expectations for an imminent default.
The Greek government also announced that EUR6.6 billion in new austerity measures will be implemented in 2011 and 2012, in an attempt to bring the country's budget back on track.
Inspectors from the European Union, the International Monetary Fund and the European Central Bank held discussions in Athens over the weekend and will soon decide whether the country is eligible to receive further financial assistance.
Meanwhile, the kiwi was up against the euro with EUR/NZD shedding 0.17%, to hit 1.7547.
Later in the day, the Institute for Supply Management was to produce a report on U.S. manufacturing activity.