The New Zealand dollar weakened against most major currencies in the Asian session on Friday, after data showed that the manufacturing sector in China continued to struggle in August as the contraction accelerated.
Data from Caixin showed that the manufacturing sector in China continued to struggle in August as the contraction accelerated, with a Performance of Manufacturing Index score of 47.1. That’s down from 47.8 in July, and it represents a 77-month low.
The NZ dollar fell to a 1-week low of 1.7059 against the euro and a 4-day low of 81.28 against the yen, from yesterday’s closing quotes of 1.6938 and 81.73, respectively.
Against the U.S. dollar, the kiwi edged down to 0.6605 from yesterday’s closing value of 0.6622.
If the kiwi extends its downtrend, it is likely to find support around 1.71 against the euro, 80.00 against the yen and 0.64 against the greenback.
The material has been provided by InstaForex Company – www.instaforex.com