New Zealand dollar retreated against its US counterpart on Thursday, approaching 11-month low, despite the pressure put on the greenback as a result of uncertainty, regarding FED easing policy in the coming months.
NZD/USD pair hit 0.7900 during the late phase of Asian trade, session low and lowest since July 26th 2012. Later the cross consolidated at 0.7940. Support was expected at July 26th low, 0.7893, while resistance was to be met at current session high, 0.7990.
Major cause for US dollar to remain under pressure, was the official ADP Employment report from Wednesday, which stated that US economy managed to add fewer than expected job positions in May. Numbers announced, were 135 000 jobs, far below projections for a better result, 165 000. Revised data during the preceding period showed 113 000.
Additionally, yesterday the Beige Book report said, that US economy managed to increase by a modest to moderate rate in 11 out of 12 federal districts in the country, while ISM Non-Manufacturing Composite index recorded a higher than expected value in May, 53.7 instead of 53.5. US Factory Orders also rose on a monthly basis by 1.0% during April, improving in comparison with the 4.7% drop, registered in March.
Meanwhile, New Zealand dollar went higher against the Australian dollar, as AUD/NZD fell by 0.29% to 1.1937.
Earlier today it became clear that Australian trade surplus increased by far smaller amount than expected. In April trade surplus was 0.028 billion AUD, below forecasts for 0.180 billion AUD, while surplus was at the amount of 0.555 billion AUD during the previous period, revised up from 0.307 billion AUD.
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