Investing.com

Investing.com - The New Zealand dollar fell against its U.S. counterpart on Monday, after the release of disappointing New Zealand data, but the kiwi remained within close distance of a 34-month high as weak U.S. data continued to pressure the greenback.



NZD/USD hit 0.8732 during late Asian trade, the pair''s lowest since June 25; the pair subsequently consolidated at 0.8734, sliding 0.50%.



Data showed that the ANZ business confidence index for New Zealand ticked down to 42.8 this month, from a reading of 53.5 in May.



A separate report showed that building consents in New Zealand dropped 4.6% in May, after an increase of 1.9% in April, whose figure was revised up from a previously estimated 1.5% rise.



The greenback remained under pressure after official data last week showed that the U.S. economy contracted at an annual rate of 2.9% in the first three months of the year.



Another report showed that U.S. consumer spending rose by just 0.2% in May, below forecasts for 0.4%.



The kiwi was lower against the euro, with EUR/NZD gaining 0.49% to 1.5626.



Later in the day, the U.S. was to produce data on manufacturing activity in the Chicago region and a report on pending home sales.





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