New Zealand Dollar Rebounds as Stocks & Commodities Recover

The New Zealand dollar advanced today, erasing the yesterday’s losses versus its US counterpart, as commodities and stocks recovered after the decline on the yesterday’s trading session.
The Standard & Poor’s 500 Index rebounded, rising 0.2 percent. On the other hand, the MSCI World Index fell 0.2 percent, following the decline by 0.4 percent. Crude oil rose 0.1 percent in New York, following the yesterday’s drop by 2.4 percent. Copper went up 0.6 percent to $8,845 per metric ton in London after it slipped 3.1 percent yesterday.
The negative influence of the European debt woes remains and threatens higher-yielding currencies, including the Australian dollar. But perhaps markets overreacted yesterday and the bounce today should return prices to more “appropriate” levels.
NZD/USD advanced to 0.7953 from 0.7902 today as of 3:55 GMT, following the drop to 0.7882. EUR/NZD slid to 1.7660 from 1.7756.

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