This week’s trading has started with a risk-positive sentiment on the Forex market. That, coupled with favorable domestic data, made the New Zealand dollar open sharply higher, though the currency has retreated by now.
New Zealand Dollar NZD
The New Zealand dollar is the currency that is used in New Zealand, as well as in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It is often nicknamed “kiwi”. The currency replaced the New Zealand pound in 1967. It is about 10th most-traded currency in the world and is often used in carry trade because of relatively high interest rates in New Zealand. The major industry of New Zealand is agriculture, wool, meat and dairy products being the most important components of the sector. Australia is the main trading partner of New Zealand and China is the second-biggest.
New Zealand Dollar News Archive
The New Zealand dollar declined for the second consecutive session today as economic data released from New Zealand overnight failed to meet economists’ expectations.
The New Zealand dollar surged intraday after the nation’s central bank released its inflation expectations, but the currency retreated later, trimming its gains against the euro and the Japanese yen, while losing them completely versus the US dollar.
The New Zealand dollar fell today despite faster-than-expected growth of consumer prices. The probable explanation for the lackluster performance was slow growth of Chinese industrial profits.
The New Zealand dollar fell today, dropping for the six consecutive day against the US dollar, following the release of a worse-than-expected trade balance report.
The NZD/USD pair made a minor recovery during today’s trading session even as the US dollar continues to gain ground against other major currencies. The US dollar is demonstrating significant upward momentum as the market’s appetite for the dollar shows no signs of abating.
The NZD/USD currency pair continued with the upward trend witnessed on Monday during Tuesday’s trading session. The bullish run led to the pair hitting levels above its 100-day SMA, which is a crucial support point.
The New Zealand dollar rallied today (though it has backed off from daily highs by now) following the speech of the central bank’s chief that was considered by markets to be rather hawkish.
The New Zealand dollar slipped against most major currencies today (though not against the US dollar) as relatively positive data released from China failed to bolster the currency of its trading partner.
The New Zealand dollar rose today, though trimmed its gains versus the US dollar and the euro by now.