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Forex - Kiwi slips lower against stronger greenback

TurboForex -

TurboForex - The New Zealand slipped lower against its U.S. counterpart on Monday, re-approaching a nearly five-year trough as demand for the greenback was broadly supported by Friday's upbeat U.S. data.

NZD/USD hit 0.6960 during late Asian trade, the session low; the pair subsequently consolidated at 0.6974, slipping 0.19%.

The pair was likely to find support at 0.6941, Friday's low and resistance at 0.7027, Friday's high.

Data on Friday showed that U.S. consumer confidence improved in June as signs of improvement in the labor market spurred expectations for wage gains.

The preliminary reading of the University of Michigan's consumer sentiment index rose to 94.6 this month from 90.7 in May.

Another report showed that the U.S. producer price index rose 0.5% in May, the largest increase since September 2012.

The data came after other economic reports earlier in the week, including on retail sales, underlined the view that the economy is regaining momentum in the current quarter after a lackluster first quarter.

The kiwi was steady against the Australian dollar, with AUD/NZD at 1.1073.


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