Forex Pros – The New Zealand dollar was lower against its U.S. counterpart on Thursday, after a report showing that New Zealand business confidence plummeted in March.
NZD/USD hit 0.7584 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7612, shedding 0.11%.
The pair was likely to find support at 0.7546, Wednesday’s low and resistance at 0.7635, Wednesday’s high and a one-month high.
The National Bank of New Zealand’s business outlook survey showed a net 9% of respondents expect conditions to worsen over the next 12 months, compared with a net 34.5% that had expected an improvement in the previous survey in February.
“To put the decline in perspective, this is the second largest one-month decline in business confidence in the history of the survey,” National Bank said. “Only during the heart of the global financial crisis have we seen a larger fall.”
The kiwi was also lower against the yen, with NZD/JPY shedding 0.26% to hit 63.00.
Later in the day, the U.S. was to publish a government report on initial jobless claims.
ForexPros.com
