Investing.com - The New Zealand dollar fell against its U.S. counterpart on Wednesday, but losses were expected to remain limited as sustained concerns over the strength of the U.S. economic recovery continued to weigh on the greenback.
NZD/USD hit 0.8748 during late Asian trade, the pair''s lowest since June 30; the pair subsequently consolidated at 0.8762, edging down 0.14%.
The pair was likely to find support at 0.8728, the low of June 30 and resistance at 0.8794, the high of June 26.
The greenback remained under pressure since U.S. data last week showing a 2.9% economic contraction in the first quarter bolstered expectations that the Federal Reserve will keep rates on hold for an extended period.
Investors were also awaiting the U.S. nonfarm payrolls report, due to be released one day early on Thursday ahead of the Independence Day holiday, for further indications on the strength of the economic recovery.
The kiwi was higher against the Australian dollar, with AUD/NZD shedding 0.24% to 1.0797.
Also Wednesday, official data showed that Australia''s trade deficit widened to A$1.91 billion in May, from A$0.78 billion in April, whose figure was revised down from a previously estimated deficit of A$0.12 billion.
Analysts had expected the trade deficit to narrow to A$0.12 billion in May.
Later in the day, the U.S. was to release the ADP report on private sector job creation, as well as data on factory orders.