The New Zealand dollar was trading lower for the most part today, though it was attempting to rise against few rivals. The market sentiment was torn between risk aversion and risk appetite due to conflicting reports about chances for a trade deal between the United States and China. New Zealand’s macroeconomic reports were neither bad nor good enough to drive the kiwi in any particular direction.
The Australian dollar sank after a dovish interest rate cut by the Reserve Bank of Australia. The news overshadowed a positive report about Australia’s manufacturing sector.
The Australian dollar tumbled today. While macroeconomic data, both domestic and from China, was not particularly bad, risk aversion on the Forex market hurt the Australian currency.
The New Zealand dollar was strong today even as, unlike its Australian peer, it had no support from macroeconomic data. Reports released over the trading session both in New Zealand and its biggest trading partner, China, were rather poor.
The Australian dollar declined against most major currencies today despite the positive market sentiment, which should have been supportive to the currency. The possible reason for the decline was domestic macroeconomic data, which was somewhat mixed, with some bad releases.
The New Zealand dollar rallied today, lifted by positive news from China. China’s service sector expanded more than was expected, while rumors circulated that the United States and China are close to a trade deal.
The New Zealand dollar slumped against its most-traded rivals today. The likely reason for the significant drop was news from China as domestic fundamentals looked good, giving the currency no reason to decline.
