Forexpros — The New Zealand dollar slid to a two-day low against its U.S. counterpart on Thursday, after a report showing that export prices for the country’s commodities fell in August , down for the third consecutive month.
NZD/USD hit 0.8488 during late Asian trade, the pair’s lowest since Tuesday; the pair subsequently consolidated at 0.8502, shedding 0.45%.
The pair was likely to find support at 0.8457, Tuesday’s low and resistance at 0.8571, Wednesday’s high and a four-week high.
The ANZ Commodity Price Index fell 1.2% in August, with lower prices for milk powder, logs and aluminum leading the decline.
Also Thursday, government data showed that China’s purchasing managers’ index rebounded from a 28-month low in August, climbing to 50.9 from 50.7. A reading above 50 on the index indicates an expansion in activity.
China is New Zealand’s second-largest trading partner.
The kiwi was also lower against its Australian cousin, with AUD/NZD rising 0.47% to hit 1.2586.
Earlier in the day, official data showed that Australian retail sales rose more-than-expected in July, after declining in the previous three months.
The Bureau of Statistics said retail sales rose by 0.5% in July, after declining by 0.1% the previous month. Analysts had expected retail sales to increase by 0.3% in July.
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