Forex News: NZ Dollar Falls On Weak China PMI Data

NZ Dollar Falls On Weak China PMI Data

(RTTNews) - The New Zealand dollar weakened against other major currencies in the European session on Friday, after the release of weak Chinese economic data and increased geopolitical tensions in the Middle East.

China's service sector growth eased sharply in March, but business outlook remained positive and cost pressures remained moderate.

Data from S&P Global showed that the headline RatingDog China services Purchasing Managers' Index fell to 52.1 in March from a 33-month high of 56.7 in February. The score was also below economists' forecast of 53.7. However, a reading above 50.0 indicates expansion in the services sector.

The survey showed that the overall private sector growth slowed in March from a 33-month high posted in February. The composite output index fell to 51.5 from 55.4 in February. Growth remained broad-based across manufacturing and services.

The Good Friday holiday is likely to result in low trading volumes.

Traders await the release of the U.S. jobs data for March later in the day. In March, 60,000 new jobs are anticipated to be added to the US economy, while the unemployment rate is predicted to remain stable at 4.4%. The USD could decline in the near future if there are any indications that the US labor market is faltering.

Iran is under pressure from U.S. President Donald Trump "to make a deal" following the destruction of a bridge close to Tehran by a missile strike. Iran will not back down in response to Washington's recent attacks on civilian facilities, according to Iran's foreign minister Abbas Araghchi.

In the European trading today, the NZ dollar fell to more than 2-week low of 1.2108 against the Australian dollar and nearly a 3-month low of 2.0236 against the euro, from early highs of 1.2088 and 2.0182, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.22 against the aussie and 2.04 against the euro.

Against the U.S. dollar and the yen, the kiwi edged down to 0.5704 and 91.03 from early highs of 0.5720 and 91.24, respectively. The kiwi may test support near 0.56 against the greenback and 90.00 against the yen.

Looking ahead, U.S. jobs data for March and U.S. S&P Global Services PMI for March are traded for release in the New York session.

Most stock markets will be shut today for Good Friday holiday.

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