New Zealand dollar retreated against its US counterpart on Monday, as market participants remained wary ahead of the US retail sales report, scheduled for release on Tuesday amid the continuing lack of clarity over the future of Federal Reserve Banks stimulus.
NZD/USD hit its lowest point for todays trade at 0.7991 at 7:52 GMT, after which consolidation followed at 0.8006. Support was expected at August 8th low, 0.7934, while resistance was to be met at July 29th high, 0.8099.
The greenback showed weakness against most of its major peers last week, following the disappointing non-farm payrolls report on August 2nd, which stated economy added fewer than anticipated job positions during July. This made market players reassess their expectations, regarding the timing of Fed’s bond purchase pare back.
The United States was to release a report on retail sales on Tuesday, followed by statements by Federal Reserve Bank officials later in the week.
Elsewhere, the kiwi dollar was slightly lower against the Australian currency, as AUD/NZD pair added 0.08% to trade at 1.1445.
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