Forex - NZD/USD weekly outlook: December 1 - 5

Investing.com - The New Zealand dollar declined against its U.S. counterpart in holiday-thinned trade on Friday, as tumbling oil prices weighed on appetite for riskier assets.

NZD/USD hit 0.7765 on Tuesday, the pair\'s lowest since November 11, before subsequently consolidating at 0.7842 by close of trade on Friday, down 0.36% for the day and 0.5% lower for the week.

The pair is likely to find support at 0.7765, the low from November 25, and resistance at 0.7925, the high from November 27.

Oil prices tumbled following Thursday’s decision by the Organization of the Petroleum Exporting Countries to keep production quotas unchanged, fuelling fears over a global supply glut.

London-traded Brent prices lost $2.43, or 3.35%, to settle at $70.15 a barrel on Friday, while New York-traded crude futures plummeted $7.54, or 10.23%, to close at $66.15 a barrel.

The US Dollar Index, which measures the greenback against a basket of six major currencies, was up 0.45% to 88.41 late Friday, not far from the four-year highs of 88.52 set earlier in the week.

Demand for the dollar continued to be underpinned amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.

In the week ahead, the U.S. is to release the U.S. jobs report for November on Friday as market players attempt to gauge the strength of the world\'s biggest economy and its impact on the Fed\'s monetary policy.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Tuesday as there are no relevant events on this day.

Monday, December 1

China is to release official data on manufacturing activity, as well as the HSBC manufacturing index. The Asian nation is New Zealand\'s second-largest trader partner.

In the U.S., the Institute of Supply Management is to release data on manufacturing activity.

Wednesday, December 3

The U.S. is to release the ADP report on private sector job creation, while the ISM is to publish a report on U.S. service sector activity.

Thursday, December 4

The U.S. is to release the weekly report on initial jobless claims.

Friday, December 5

The U.S. is to round up the week with the closely watched government report on nonfarm payrolls, the unemployment rate and average earnings, as well as a report on factory orders.