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Forex - NZD/USD drops to 2-week lows in risk-off trade

The New Zealand dollar dropped to two-week lows against its U.S. counterpart on Monday, as the release of weak Chinese manufacturing activity data weighed as investors returned to the markets after the long New Year weekend.

At the close in Tokyo, the Nikkei 225 lost 0.51%.

NZD/USD hit 0.6746 during late Asian trade, the pair’s lowest since December 21; the pair subsequently consolidated at 0.6750, retreating 1.20%.

The pair was likely to find support at 0.6718, the low of December 21 and resistance at 0.6836, the session high.

Data earlier showed that China’s Caixin manufacturing purchasing managers’ index fell to 48.2 this month from 48.6 in December, confounding expectations for a rise to 48.9.

The downbeat data added to concerns over slowdown in the world’s second biggest economy.

China is New Zealand’s second biggest export partner.

Markets were also jittery amid concerns over growing tensions in the Middle East after Saudi Arabia cut diplomatic ties with Iran over the weekend.

The move followed a weekend storming of the Saudi embassy in Tehran in response to the kingdom's execution of a prominent Shiite cleric.

The Aussie was steady against the New Zealand dollar, with AUD/NZD at 1.0667.

Last modified on Monday, 15 February 2016

2 Comments

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  • Comment Link FaNoCrop Tuesday, 24 January 2017 07:15 posted by FaNoCrop

    Bітсоіn тrаdes up 8.4%, or $70, aт $903 а cоin аs of 12:54 р.м. EТ. Тuеsday's bіd hаs thе сryрtoсurrеnсy highеr for а fourтh sтraighт sеssiоn аs іt cоnтіnuеs to rеbound frом тhе shаrp sell-оff тhат oсcurrеd еarlier in Jаnuary fоllоwing news тhаt Сhіna bеgаn аn invesтigатion inто biтcоіn еxchangеs іn Beijing and Shanghаi оn suspiсion of мarkет мanірulatіon, mоnеy lаundеring, unаuthоrіzеd fмnаnсing, and оthеr іssues.

    Вiтсoіn lоsт about 35% of іts vаlue during тhe selling тhат тoок plасe frоm Januаry 5 to Januаry 11, fаllіng from a hіgh оf $1,161 а соin тo а lоw of $752 a cоin.

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