The New Zealand dollar has attempted to rally earlier during the current trading session but fell back below the opening level as of now. The reason for the decline was the drop of crude oil prices that dragged commodity prices down at the start of the week.
Crude oil resumed its decline, falling more than 2 percent today. The drop of oil prices triggered a rout of global stocks. All these factors made the trading environment unfavorable for currencies linked to growth and commodities, like the New Zealand dollar. Helping the currency a bit is the outlook that the Reserve Bank of New Zealand is going to refrain from an interest rate cut at this week’s policy meeting.
NZD/USD declined from the opening rate of 0.6490 to 0.6463 as of 13:22 GMT today after rallying to the session high of 0.6532 intraday. EUR/NZD gained from the open of 1.6608 to 1.6733, bouncing from the session low of 1.6538.
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