Investing.com – The New Zealand dollar tumbled to a five-week low against its U.S. counterpart on Tuesday, as investors remained concerned over the ongoing crisis in the euro zone.
NZD/USD hit 0.7720 during late Asian trade, the pair’s lowest since October 10; the pair subsequently consolidated at 0.7738, falling 0.85%.
The pair was likely to find support at 0.7623, the low of October 6 and resistance at 0.7836, the day’s high.
Risk appetite was dented after a rise in Spanish and Italian bond yields on Monday underlined concerns over efforts to contain the financial crisis in the single currency zone.
The kiwi showed little reaction after the minutes of the Reserve Bank of Australia’s November 1 policy meeting said there was a case for “modest” easing.
The RBA said the decision to cut interest rates earlier this month reflected a desire for a more neutral monetary policy, but the bank said there had been a case for keeping borrowing costs unchanged to await the effect of an ongoing mining boom.
The kiwi was lower against its Australian cousin, with AUD/NZD rising 0.65% to hit 1.3159.
Later Tuesday, the U.S. was to release official data on retail sales and producer price inflation.
NZD/USD hit 0.7720 during late Asian trade, the pair’s lowest since October 10; the pair subsequently consolidated at 0.7738, falling 0.85%.
The pair was likely to find support at 0.7623, the low of October 6 and resistance at 0.7836, the day’s high.
Risk appetite was dented after a rise in Spanish and Italian bond yields on Monday underlined concerns over efforts to contain the financial crisis in the single currency zone.
The kiwi showed little reaction after the minutes of the Reserve Bank of Australia’s November 1 policy meeting said there was a case for “modest” easing.
The RBA said the decision to cut interest rates earlier this month reflected a desire for a more neutral monetary policy, but the bank said there had been a case for keeping borrowing costs unchanged to await the effect of an ongoing mining boom.
The kiwi was lower against its Australian cousin, with AUD/NZD rising 0.65% to hit 1.3159.
Later Tuesday, the U.S. was to release official data on retail sales and producer price inflation.