The New Zealand dollar weakened against most major currencies in the Asian session on Wednesday after data showed that the manufacturing sector in China continued to contract in September at a faster rate.
Data from Caixin showed that the manufacturing sector in China continued to contract in September and at a faster rate, with a 78-month low PMI score of 47.0. That was shy of forecasts for 47.5 and down from 47.3 in August.
The NZ dollar fell to more than a 2-week low of 74.89 against the yen and nearly a 2-week low of 0.6257 against the U.S. dollar, from yesterday’s closing quotes of 75.56 and 0.6288, respectively.
Against the euro, the kiwi dropped to a 2-day low of 1.7789 from yesterday’s closing value of 1.7665.
If the kiwi extends its downtrend, it is likely to find support around 72.00 against the yen, 0.61 against the greenback and 1.80 against the euro.
The material has been provided by InstaForex Company – www.instaforex.com