Kiwi loses ground vs. greenback on weak China PMI, Middle East concerns Investing.com – The New Zealand dollar dropped to two-week lows against its U.S. counterpart on Monday, as the release of weak Chinese manufacturing activity data weighed as investors returned to the markets after the long New Year weekend.
hit 0.6746 during late Asian trade, the pair’s lowest since December 21; the pair subsequently consolidated at 0.6750, retreating 1.20%.
The pair was likely to find support at 0.6718, the low of December 21 and resistance at 0.6836, the session high.
Data earlier showed that fell to 48.2 this month from 48.6 in December, confounding expectations for a rise to 48.9.
The downbeat data added to concerns over slowdown in the world’s second biggest economy.
China is New Zealand’s second biggest export partner.
Markets were also jittery amid concerns over growing tensions in the Middle East after Saudi Arabia cut diplomatic ties with Iran over the weekend.
The move followed a weekend storming of the Saudi embassy in Tehran in response to the kingdom’s execution of a prominent Shiite cleric.
The was steady against the New Zealand dollar, with at 1.0667.
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Foreign exchange - NZD/USD drops to 2-week lows in risk-off commerce
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