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23 Jun 2015
NZD/USD hits fresh 5-year lows near 0.6860
FXStreet (Mumbai) - The New Zealand dollar extends its bearish momentum into the sixth day versus the American dollar in mid-Asia, knocking-off NZD/USD to the lowest levels since July 2010. The Kiwi tries to recover from near five year lows, with traders shrugging off mixed two tier macro data from New Zealand.
NZD/USD keeps red post China manufacturing PMI
Currently, the NZD/USD pair trades modestly flat near fresh session lows reached at 0.6857 some minutes ago. NZD/USD remains at lowest levels in five years with a better than expected Chinese PMI doing little to lift the sentiment around the kiwi. China has overtaken Australia as New Zealand's biggest export destination in recent years.
The flash HSBC-Markit Chinese Manufacturing Purchasing Managers' Index (PMI) rose to 49.6 in June from May’s final reading of 49.2. The figures came in slightly better than markets expectations of the index to read 49.4 in June.
The Kiwi remains pressured as the latest series of downbeat economic release from the New Zealand continues to support the case for further interest rate cuts.
Meanwhile, markets now await a host of US economic data due to be released later today for further cues on the NXD/USD pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6875 (Today’s High) levels and above which it could extend gains 0.6900 levels. To the downside immediate support might be located at 0.6850 below that at 0.6800 (July 2010) levels.
NZD/USD keeps red post China manufacturing PMI
Currently, the NZD/USD pair trades modestly flat near fresh session lows reached at 0.6857 some minutes ago. NZD/USD remains at lowest levels in five years with a better than expected Chinese PMI doing little to lift the sentiment around the kiwi. China has overtaken Australia as New Zealand's biggest export destination in recent years.
The flash HSBC-Markit Chinese Manufacturing Purchasing Managers' Index (PMI) rose to 49.6 in June from May’s final reading of 49.2. The figures came in slightly better than markets expectations of the index to read 49.4 in June.
The Kiwi remains pressured as the latest series of downbeat economic release from the New Zealand continues to support the case for further interest rate cuts.
Meanwhile, markets now await a host of US economic data due to be released later today for further cues on the NXD/USD pair.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6875 (Today’s High) levels and above which it could extend gains 0.6900 levels. To the downside immediate support might be located at 0.6850 below that at 0.6800 (July 2010) levels.