Investing.com - The New Zealand dollar slid lower against its U.S. counterpart on Wednesday, as the International Monetary Fund's decision on Tuesday to cut its forecast for global economic growth this year continued to weigh on risk-related assets.
NZD/USD hit 0.7783 during late Asian trade, the session low; the pair subsequently consolidated at 0.7807, sliding 0.29%.
The pair was likely to find support at 0.7712, the low of October 6 and resistance at 0.7913, the high of October 3.
Market sentiment weakened after the IMF downgraded its global growth forecast for both this year and next, due to stagnation in Europe and a weaker-than-forecast recovery in Japan.
The agency now sees 2014 global growth of 3.3% and 2015 growth of 3.8%, a decline of 0.1% for 2014 and 0.2% for 2015 from forecasts made in July.
Investors were turning their attention to the minutes of the Federal Reserve’s September meeting, due out later in the day, for fresh indications on the future possible direction of U.S. monetary policy.
The kiwi was higher against the Australian dollar, with AUD/NZD falling 0.10% to 1.1246.