NZD/USD dips lower on poor data

FXStreet (Guatemala) – NZD/USD is trading at 0.7141 with a high of 0.7195 and a low of 0.7140.

NZD/UD has dropped to the downside again on the back of the NZ data that came in as a disappointment. The dada arrived as New Zealand’s ANZ Business Confidence at 15.7 (April) vs previous 30.2. The ANZ Activity Outlook was down to 32.6% in May from previous 41.3%. this coupled with Fonterra suggesting earlier in the week that the market is oversupplied with dairy commodities yesterday is punishing the bird.

Technically, the bird was supported at 0.7130 ahead of 0.7108 being the 2011 March low as a psychological target. Meanwhile, GDP Q1 is approaching and has been estimated in the market to disappointment and could add some further support to the bird ahead of the close.

NZD/USD is trading at 0.7141 with a high of 0.7195 and a low of 0.7140.

(Market News Provided by FXstreet)