Investing.com - The New Zealand dollar edged lower against its U.S. counterpart on Monday, but remained supported as Friday''s dissapointing U.S. data continued to weigh on demand for the greenback.
NZD/USD hit 0.8358 during late Asian trade, the session low; the pair subsequently consolidated at 0.8358, slipping 0.13%.
The pair was likely to find support at 0.8293, the low of February 13 and resistance at 0.8432, the high of January 14 and a two-and-a-half month high.
The greenback remained under pressure after data on Friday showed that U.S. manufacturing output unexpectedly fell in January as inclement winter weather acted as a drag on growth.
The data fuelled concerns that the economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.
The greenback''s losses were held in check by expectations that the Federal Reserve will continue to scale back its stimulus program.
The kiwi was lower against the Australian dollar, with AUD/NZD adding 0.11% to 1.0804.
Also Monday, official data showed that new motor vehicle sales in Australia dropped 3.5% in January, after a 1.4% increase in December, whose figure was revised down from a previously estimated 1.7% rise.
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