Investing.com – The New Zealand dollar pared losses against its U.S. counterpart on Monday, clawing back up from a fresh 8-day low to which it fell earlier on mounting fears that Europe’s debt crisis will widen.
NZD/USD hit 0.6678 during European late morning trade, shedding 0.44%, after rising from 0.6607, its lowest since May 26.
The pair was likely to find support at 0.6560, the low of May 25 and a 10-month low, and resistance at 0.6864, last Friday’s high.
The greenback’s earlier rise versus the kiwi came after Hungarian officials warned last week that their country could face a Greek-style debt crisis, sparking fears that Europe's sovereign debt crisis will widen.
The kiwi was down against the yen, meanwhile, with NZD/JPY shedding 0.47% to hit 91.33.
Later Monday, the Federal Reserve was due to publish a report on U.S. consumer credit. The chairman of the Federal Reserve, Ben Bernanke, was also due to speak at an event in Washington D.C. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.
NZD/USD hit 0.6678 during European late morning trade, shedding 0.44%, after rising from 0.6607, its lowest since May 26.
The pair was likely to find support at 0.6560, the low of May 25 and a 10-month low, and resistance at 0.6864, last Friday’s high.
The greenback’s earlier rise versus the kiwi came after Hungarian officials warned last week that their country could face a Greek-style debt crisis, sparking fears that Europe's sovereign debt crisis will widen.
The kiwi was down against the yen, meanwhile, with NZD/JPY shedding 0.47% to hit 91.33.
Later Monday, the Federal Reserve was due to publish a report on U.S. consumer credit. The chairman of the Federal Reserve, Ben Bernanke, was also due to speak at an event in Washington D.C. Traders were likely to scrutinize his comments for clues to future shifts in monetary policy.