Daily Morning Report 07.09.2015

The New Zealand dollar slipped against its U.S. counterpart on Monday, re-approaching a recent six-year low as growing hopes for an upcoming rate hike by the Federal Reserve supported demand for the greenback.

NZD/USD hit 0.6260 during late Asian trade, the pair’s lowest since August 24; the pair subsequently consolidated at 0.6277, slipping 0.18%.

The pair was likely to find support at 0.6244, the low of August 24 and resistance at 0.6407, the high of September 4.

The Labor Department reported on Friday that the U.S. economy added 173,000 jobs last month, slowing after an upwardly revised gain of 245,000 in July. It was the smallest increase in employment in five months and was below expectations for 220,000.

The unemployment rate ticked down to 5.1%, its lowest level since April 2008 from 5.3% in July, while average hourly wages rose by a stronger-than-expected 2.2%.

The jobs report failed to provide much clarity on when the U.S. central bank will decide to raise short-term interest rates.

The kiwi was also lower against the Australian dollar, with AUD/NZD advancing 0.39% to 1.1037.

Data earlier showed that job advertisements in Australia increased by 1.0% last month after a 0.5% slip in July, whose figure was revised from a previously estimated 0.4% fall.