Forex - NZD/USD tumbles to fresh daily low amid rising risk aversion

Forex Pros – New Zealand's dollar tumbled to a fresh daily low against its U.S. counterpart on Wednesday, amid rising risk aversion after weaker-than-expected U.S. data on retail sales and import prices.

NZD/USD hit 0.7160 during European afternoon trade, a fresh daily low; the pair subsequently consolidated at 0.7174, shedding 0.29%.

The pair was likely to find support at 0.7075, Tuesday's low and resistance at 0.7222, the high of May 11.

Earlier in the day, the Census Bureau said U.S. retail and food services sales for June fell by a seasonally adjusted 0.5%, after declining 1.1% in May, whose figure was revised up from 1.2%.

Analysts had expected a drop of 0.2% in June.

A separate report said U.S. import prices fell 1.3% in June, after advancing 0.5% in May, whose figure was revised up from 0.6%.

Analysts had expected a drop of 0.3% in June.

The kiwi was also down against the euro, with EUR/NZD gaining 0.10% to hit 1.7708.

Late Tuesday, official data showed that retail sales in New Zealand rose less than expected in May, up 0.4%, after declining 0.3% in April.

Analysts had expected an advance of 0.6% in May.