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Forex News: NZ Dollar Drops After Weak China Data; Nonfarm

NZ Dollar Drops After Weak China Data; Nonfarm Payrolls Eyed

06/03/2021 - 03:23:00 (RTTNews)

(RTTNews) - The NZ dollar fell against its major counterparts in the Asian session on Thursday, as China's service sector activity slowed in May and investors awaited key U.S. economic data that could set the tone of policy.

Data from IHS Markit showed that China's services sector expanded at a slower pace in May.

The Caixin services Purchasing Managers' Index dropped to 55.1 in May from a four-month high of 56.3 in April. Nonetheless, the score remained firmly above the neutral 50.0 level to suggest a marked growth in activity.

ADP private payrolls data and initial jobless claims are due later in the day, followed by monthly jobs report on Friday. The data could offer more clues on economic recovery and whether the rebound will accelerate inflation, triggering a tightening of monetary policy.

The Federal Reserve's announcement to begin gradually selling corporate bond holdings purchased through an emergency lending facility introduced last year served as a signal of termination in pandemic support.

The kiwi depreciated to a 9-day low of 0.7208 against the greenback, pulling away from its early high of 0.7242. On the downside, 0.70 is possibly found as its next support level.

The kiwi declined to 8-day lows of 79.15 against the yen, 1.6909 against the euro and 1.0720 against the aussie, after rising to 79.39, 1.6855 and 1.0694, respectively in early deals. The kiwi is seen locating support around 76.00 against the yen, 1.70 against the euro and 1.09 against the aussie.

Looking ahead, PMI reports from major European economies are due in the European session.

U.S. ADP private payrolls data for May is scheduled for release at 8:15 am ET.

The U.S. weekly jobless claims for the week ended May 29 and ISM services PMI for May will be released in the New York session.

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