The New Zealand dollar was falling today as uncertainty ahead of tomorrow’s central bank’s policy statement and the strength of the US dollar made traders avoid the New Zealand currency.
The Reserve Bank of New Zealand will conduct its policy meeting and will release the accompanying statement by the end of tomorrow’s trading session. While no change to policy is expected, traders are still worried about potential wording in the policy announcement as the previous statement switched from a hawkish tone to a more neutral one. The kiwi dropped because of those worries as well as due to the strength of the greenback that bounced following yesterday’s losses.
NZD/USD dropped from 0.7351 to 0.7282 as of 15:10 GMT today, and its daily low of 0.7257 was the weakest rate since February 3. NZD/JPY declined from 89.10 to 88.32.
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