Investing.com - The New Zealand dollar rose against its U.S. counterpart on Monday, to trade near five-week highs as Friday''s U.S. consumer sentiment data continued to weigh on demand for the greenback.
NZD/USD hit 0.8700 during late Asian trade, the pair''s highest since June 12; the pair subsequently consolidated at 0.8687, gaining 0.25%.
The pair was likely to find support at 0.8606, the low of June 12 and resistance at 0.8746, the high of April 10.
Sentiment on the greenback remained vulnerable after the preliminary reading of the University of Michigan''s consumer sentiment index for June came in at 81.2 on Friday, down from 81.9 in May, missing expectations for an uptick to 83.0.
Meanwhile, concerns over the ongoing Sunni insurgency in Iraq continued to weigh on market sentiment, amid fears over the impact of reduced oil supply from one of the world’s largest producers on global growth.
The kiwi was higher against the Australian dollar, with AUD/NZD falling 0.25% to 1.0821.
Later in the day, the U.S. was to produce data on industrial production and manufacturing activity in the Empire State.
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