New Zealand dollar lost ground against its US counterpart on Tuesday, due to ongoing support of greenbacks demand.
NZD/USD cross tumbled to a session low at 0.7762 at 4:57 GMT, after which consolidation followed at 0.7810. Support was expected at July 1st low, 0.7703, while resistance was to be met at June 27th high, 0.7853.
Earlier on Tuesday it was reported that ANZ (Australia and New Zealand Banking Group Ltd.) Commodity Prices indicator in New Zealand dropped by 3.7% in June, deteriorating in comparison with the preceding month, when the drop was 1.6%. This indicator reflects the total amount of all exported goods from New Zealand and its change on a monthly basis.
Meanwhile, market participants were focusing on Friday’s US non-farm payrolls data, in pursuit of further clues on when the Federal Reserve Bank may decide to reduce its monthly bond purchases.
The kiwi dollar was higher against its Australian peer, as AUD/NZD decreased by 0.35% to 1.1769.
Later in the trading day the United States was expected to release data, regarding the factory orders in the country.
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