The New Zealand dollar advanced today as risk appetite on markets helped riskier assets, driving commodities higher and increasing the appeal of growth-related currencies.
Gold reached the highest level in a month and iron ore was at the highest since April yesterday. The Thomson Reuters/Jefferies CRB Index of commodities closed at the highest rate since May 9. The export-oriented economy of New Zealand depends on prices for raw materials, making its currency stronger when the prices increase. The kiwi indeed rallied, but moves down against the US dollar right now and may yet lose its gains.
NZD/USD traded at 0.7965 as of 9:45 GMT today following the rally from 0.7959 to 0.8007. NZD/JPY rose from 79.31 to 79.64.
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