New Zealand Dollar Tumbles in Thursday’s Trading Session

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New Zealand Dollar Tumbles in Thursday's Trading Session
New Zealand Dollar Tumbles in Thursday's Trading Session

The New Zealand dollar plummeted against the U.S. dollar in Thursday’s Asian trading session, just after the release of HSBC flash reading by the May Purchasing Manager’s Index in China.

The currency pair NZD/USD slipped by 0.40% to 0.8045. The pair found support at 0.8081, which is based on the low of May 20, and saw resistance at 0.8213, based on the high on Tuesday. Meanwhile, the NZD/JPY slid by 0.54% to 82.88 and the AUD/NZD moved down by 0.07% to 1.2003. Both Australia and New Zealand have one country as their major trading partner, which is China.

The Japanese yen gained 0.5% to 102.65 against every dollar in London and when compared to the euro the same moved up by 0.6% to 131.91. The 17 nation currency for Europe traded with a slight change at USD1.2852.

Meanwhile, the dollar in Canada moved to its one year low against the U.S. counterpart after a statement made by the Chairman of Federal Reserve signaling that reduction in monthly bond purchases is on the charts if economy continues to show sustained growth. The loonie, as it is nicknamed, slipped by 1% to C$1.0367 against every U.S. dollar in Toronto. The currency touched its weakest value since June 5, which is C$1.0388. One loonie denotes 96.46 U.S. cents.

Dollar in Taiwan climbed 0.3% to NT$29.952 against the greenback, as seen in Taipei. The benchmark Taiex Index plunged by 1.7% to 8,257.73, recalling its biggest fall since April 8. Also, it became the worst performer in the developing markets of Asia.

The won dropped 0.7% to 1,121.71 per dollar in Seoul, it touched the weakest level since April 22, which are 1,124.01.