Investing.com - The New Zealand dollar held steady against its U.S. counterpart on Tuesday, trading near six-and-a-half month lows as downbeat trade data from New Zealand dampened demand for the kiwi.
NZD/USD hit 0.8311 during late Asian trade, the pair's lowest since February; the pair subsequently consolidated at 0.8344.
The pair was likely to find support at 0.8311, the session low and a six-and-a-half month low and resistance at 0.8413, the high of August 21.
Official data earlier showed that New Zealand's trade balance swung into a deficit of NZ$692 million in July, from a surplus of NZ$247 million the previous month. Analysts had expected the trade balance to swing into a deficit of NZ$475 million last month.
Meanwhile, demand for the greenback remained supported after Federal Reserve Chair Janet Yellen said at Jackson Hole on Friday that the U.S. economy is recovering and added the labor market is improving as well.
Separately, investors remained cautious as Russian President Vladimir Putin was set to meet his Ukrainian counterpart, Petro Poroshenko, later Tuesday amid growing tensions in the region.
On Monday, Ukraine said an armored column including 10 tanks entered from Russia as the government in Moscow unveiled plans to send a second convoy with humanitarian aid.
The kiwi was lower against the euro, with EUR/NZD adding 0.12% to 1.5832.
Later in the day, the U.S. was to publish reports on July durable goods orders, as well as house price inflation and consumer confidence.