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Forex - Kiwi falls against broadly stronger greenback

Published 02/23/2015, 02:46 AM
Updated 02/23/2015, 02:46 AM
Kiwi declines against greenback, eyes still on Athens

Kiwi declines against greenback, eyes still on Athens

Investing.com - The New Zealand dollar fell against its U.S. counterpart on Monday, as demand for the greenback remained supported after Friday's U.S. data and amid global caution on the Greek debt front.

NZD/USD hit 0.7500 during late Asian trade, the pair's lowest since February 17; the pair subsequently consolidated at 0.7502, shedding 0.34%

The pair was likely to find support at 0.7429, the low of February 16 and resistance at 0.7576, the high of February 19.

The greenback remained supported after preliminary data on Friday showed that the U.S. manufacturing purchasing managers' index rose to 54.3 this month from 53.9 in January, beating expectations for a fall to 53.6.

Meanwhile, markets were jittery as Athens was to present a list of reforms on Monday to be approved by the country’s creditors in order to secure its four-month bailout extension, which will give it more time to reach a lasting agreement with its creditors.

On Friday, the euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month.

The kiwi was higher against the Australian dollar, with AUD/NZD edging down 0.12% to 1.0409.

Later in the day, the U.S. was to publish a report on existing home sales.

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