Investing.com – New Zealand’s dollar slid to a two day low against its U.S. counterpart on Tuesday, tracking the Australian dollar lower, after the Reserve Bank of Australia left its key cash rate unchanged.
NZD/USD hit 0.7494 during late Asian trade, the pair’s lowest since Friday; the pair subsequently consolidated at 0.7506, shedding 0.21%.
The pair was likely to find support at 0.7468, Friday’s low and resistance at 0.7640, last Tuesday’s high.
Earlier in the day, New Zealand’s Finance Minister Bill English said rebuilding the city of Christchurch after last Tuesday’s earthquake may mean the government is unable to return to budget surplus by 2014-2015.
"We will have to be a bit flexible in the face of a significant unexpected event but we don't intend it to throw us off track. We want to get the government finances back to surplus as quickly as is reasonable," English said.
Preliminary estimates from the country’s Treasury have put the costs from September’s tremor and last week’s earthquake at as much as NZD 20 billion.
The kiwi was also down against the euro, with EUR/NZD rising 0.27% to hit 1.8395.
Later Tuesday, the Chairman of the Federal Reserve, Ben Bernanke, was to testify on the semi-annual monetary policy report before the Senate Banking Committee in Washington, while the U.S. Institute for Supply Management was to publish a report on manufacturing activity.
NZD/USD hit 0.7494 during late Asian trade, the pair’s lowest since Friday; the pair subsequently consolidated at 0.7506, shedding 0.21%.
The pair was likely to find support at 0.7468, Friday’s low and resistance at 0.7640, last Tuesday’s high.
Earlier in the day, New Zealand’s Finance Minister Bill English said rebuilding the city of Christchurch after last Tuesday’s earthquake may mean the government is unable to return to budget surplus by 2014-2015.
"We will have to be a bit flexible in the face of a significant unexpected event but we don't intend it to throw us off track. We want to get the government finances back to surplus as quickly as is reasonable," English said.
Preliminary estimates from the country’s Treasury have put the costs from September’s tremor and last week’s earthquake at as much as NZD 20 billion.
The kiwi was also down against the euro, with EUR/NZD rising 0.27% to hit 1.8395.
Later Tuesday, the Chairman of the Federal Reserve, Ben Bernanke, was to testify on the semi-annual monetary policy report before the Senate Banking Committee in Washington, while the U.S. Institute for Supply Management was to publish a report on manufacturing activity.