5 Aug 2015
NZD/USD hits 3-week lows on poor jobs data, stronger USD
FXStreet (Mumbai) - The NZD/USD pair prolongs its downward trajectory and fell to fresh three-week lows in the early European trades, as the New Zealand dollar ran through fresh offers as European traders hit their desks digesting the latest dismal NZ employment data.
NZD/USD set to test 0.6500
Currently, the NZD/USD pair trades -0.25% lower at 0.6523, hovering close to fresh multi-week lows retested at 0.6519 some minutes ago. The NZD/USD pair keeps falling as the Kiwi remains undermined following downbeat NZ GDT prices index and labour market report.
The jobless rate was seen rising from 5.8% in the March quarter to 5.9% in the June quarter. Employment growth slowed from 0.7% to just 0.3%, with only 7,000 more people employed over the quarter, the weakest increase since the March 2013 quarter.
Moreover, the Kiwi further lost ground tracking losses from its Oz neighbours mainly driven by a profit-booking slide after printing fresh two-week highs on Tuesday.
Meanwhile, markets await the key US employment report to be published later today which may set the direction for further USD moves ahead of Friday’s NFP data.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6546 (Today’s High) levels and above which it could extend gains 0.6600. To the downside immediate support might be located at 0.6502 (July 17 Low) below that at 0.6480 (2009 levels).
NZD/USD set to test 0.6500
Currently, the NZD/USD pair trades -0.25% lower at 0.6523, hovering close to fresh multi-week lows retested at 0.6519 some minutes ago. The NZD/USD pair keeps falling as the Kiwi remains undermined following downbeat NZ GDT prices index and labour market report.
The jobless rate was seen rising from 5.8% in the March quarter to 5.9% in the June quarter. Employment growth slowed from 0.7% to just 0.3%, with only 7,000 more people employed over the quarter, the weakest increase since the March 2013 quarter.
Moreover, the Kiwi further lost ground tracking losses from its Oz neighbours mainly driven by a profit-booking slide after printing fresh two-week highs on Tuesday.
Meanwhile, markets await the key US employment report to be published later today which may set the direction for further USD moves ahead of Friday’s NFP data.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6546 (Today’s High) levels and above which it could extend gains 0.6600. To the downside immediate support might be located at 0.6502 (July 17 Low) below that at 0.6480 (2009 levels).