Forexpros – The New Zealand dollar trimmed losses against its U.S. counterpart on Tuesday, pulling away from an eight-day low, as the Swiss franc weakened broadly, weakening the greenback across the board.
NZD/USD pulled back from 0.8262, the pair’s lowest since August 25, to hit 0.8311 during late Asian trade, slipping 0.11%.
The pair was likely to find support at 0.8211, the low of August 25 and resistance at 0.8449, Monday’s high.
The New Zealand dollar remained under pressure as concerns over the sovereign debt crisis in the euro zone and fears that the U.S. is slipping back into a recession weighed.
Earlier Tuesday, the Reserve Bank of Australia left its interest rate on hold at 4.75%, and indicated that rates are likely to remain on hold in the coming months amid concerns over the outlook for global growth.
“At this stage, little evidence is available to gauge any effects of the European and U.S. problems on other regions,” RBA Governor Glenn Stevens said.
The kiwi was also lower against it Australian counterpart, with AUD/NZD easing up 0.11% to hit 1.2689.
Later in the day, the Institute of Supply Management was to produce a report on U.S. service sector activity.
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