Investing.com - The New Zealand dollar fell against its U.S. counterpart on Tuesday, although losses were expected to remain limited as sentiment on the greenback remained fragile after the release of disappointing U.S. economic reports last week.
NZD/USD hit 0.8333 during late Asian trade, the pair''s lowest since February 13; the pair subsequently consolidated at 0.8332, shedding 0.42%.
The pair was likely to find support at 0.8293, the low of February 13 and resistance at 0.8393, Monday''s 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 kiwi was also lower against the Australian dollar, with AUD/NZD gaining 0.41% to 1.0839.
Also Tuesday, the Reserve Bank of Australia said, in the minutes of its February 4 meeting, that a period of steady interest rates is most likely as record-low borrowing costs and a weaker currency support growth.
On February 4, the central bank had kept the benchmark rate unchanged at 2.5%.
Later in the day, the U.S. was to release data on manufacturing activity in the Empire State.