Forex - NZD/USD slumps after N.Z. business sentiment survey
Investing.com
Published Jun 28, 2010 04:23AM ET
NZD/USD hit 0.7078 during early European trade, shedding 0.86%. The pair was likely to find support at 0.6947, the low of June 17, and resistance 0.7143, the high of June 24.
Earlier in the day, the National Bank of New Zealand said its business confidence index eased to 40.2, down from 48.2 in May. Confidence fell the most in the construction sector, down 14 points, the bank said.
In a statement, the bank said: "While easing, the level of economy-wide business confidence still looks decidedly robust.
"We could get cute and put the drop down to seasonal factors. But on a seasonally adjusted basis, confidence actually fell by more."
The kiwi also slid versus the yen on Monday, with NZD/JPY dropping 0.62% to reach 63.31.
Later Monday, the U.S. was due to publish a report on personal consumption expenditures, which sheds light on consumer spending, and data on personal spending and personal income.
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Written By: Investing.com
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