Investing.com - The New Zealand dollar is trading lower against its U.S. counterpart during Monday’s Asian session following the release of a tepid March PMI report out of China.
In Asian trading Monday, NZD/USD is lower by 0.19% at 0.8357. The pair was likely to find support at 0.8340, the low of March 26 and resistance at 0.8418, the high of February 25.
Earlier today, China reported March PMI of 50.9, slightly below analysts’ estimates calling for 51.2. Readings above 50 indicate expansion.
Still, the March reading is up 50.1 in February. China’s PMI reading has never declined from February to March, but the average increase prior to today had been 3.1 points, according to a research note released by Bank of America earlier today.
Elsewhere, EUR/NZD fell 0.11% to 1.5299 after Cypriot President Nicos Anastasiades agreed to punitive losses for the Bank of Cyprus’s larger depositors in order to land EUR10 billion in aid to keep his country from going bankrupt. Cyprus was forced to agree to the levies against large Bank of Cyrpus depositors after failing to secure financial assistance from Russia.
Under the terms of the new plan, Bank of Cyprus depositors will have 37.5% of their deposits above EUR100,000 turned into voting shares in the bank, which would also entitle the depositors to future dividends. Another 22.5% of the deposits will be withheld to ensure the bank is properly capitalized.
The kiwi rose 4.5% against the euro in the first quarter. Late last week, the New Zealand dollar was spotted at a seven-month high against the common currency.
Meanwhile, NZD/JPY slid 0.50% to 78.50 as traders embraced the yen as a safe-haven alternative to the U.S. dollar. AUD/NZD is flat at 1.2445.
In Asian trading Monday, NZD/USD is lower by 0.19% at 0.8357. The pair was likely to find support at 0.8340, the low of March 26 and resistance at 0.8418, the high of February 25.
Earlier today, China reported March PMI of 50.9, slightly below analysts’ estimates calling for 51.2. Readings above 50 indicate expansion.
Still, the March reading is up 50.1 in February. China’s PMI reading has never declined from February to March, but the average increase prior to today had been 3.1 points, according to a research note released by Bank of America earlier today.
Elsewhere, EUR/NZD fell 0.11% to 1.5299 after Cypriot President Nicos Anastasiades agreed to punitive losses for the Bank of Cyprus’s larger depositors in order to land EUR10 billion in aid to keep his country from going bankrupt. Cyprus was forced to agree to the levies against large Bank of Cyrpus depositors after failing to secure financial assistance from Russia.
Under the terms of the new plan, Bank of Cyprus depositors will have 37.5% of their deposits above EUR100,000 turned into voting shares in the bank, which would also entitle the depositors to future dividends. Another 22.5% of the deposits will be withheld to ensure the bank is properly capitalized.
The kiwi rose 4.5% against the euro in the first quarter. Late last week, the New Zealand dollar was spotted at a seven-month high against the common currency.
Meanwhile, NZD/JPY slid 0.50% to 78.50 as traders embraced the yen as a safe-haven alternative to the U.S. dollar. AUD/NZD is flat at 1.2445.