Positive fundamentals did not help the New Zealand dollar to rally. The currency dropped today following yesterday’s decline, leading to concerns that it may reverse the upward trend.
The kiwi was rising last week but currently has troubles maintaining the rally. It stalled near the level that stopped the previous rally, suggesting that the currency reached strong resistance. The New Zealand Producer Price Index was much better than analysts’ forecasts, but it did not help the New Zealand dollar.
NZD/USD dropped from 0.8367 to 0.8324 and NZD/JPY declined from 83.78 to 83.18 as of 12:08 GMT today.
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