Forex Pros &ndash; 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.<br /><br />NZD/USD hit 0.7584 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7612, shedding 0.11%.<br /><br />The pair was likely to find support at 0.7546, Wednesday&rsquo;s low and resistance at 0.7635, Wednesday&rsquo;s high and a one-month high.<br /><br />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.<br /><br />”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.”<br /><br />The kiwi was also lower against the yen, with NZD/JPY shedding 0.26% to hit 63.00.<br /><br />Later in the day, the U.S. was to publish a government report on initial jobless claims.<br />

Recent Articles By Forexpros:

• Forex – NZD/USD Weekly Outlook: January 23 – 27
• Crude Oil Futures – Weekly Outlook: January 23-27
• Forex – AUD/USD Weekly Outlook: January 23 – 27
• Forex – USD/JPY Weekly Outlook: January 23 – 27
• Gold Futures – Weekly Outlook: January 23-27
• All Articles By Forexpros »

Leave A Comment :