NZ Dollar Trims Losses

The New Zealand dollar fell against its US peer today despite positive domestic reports but trimmed its losses by now. Yesterday, the currency attempted to rally but failed. The kiwi managed to gain on the Japanese yen.
With the rising number of building permits and the improving business confidence, one might expect that the New Zealand dollar would rally, but this did not happen (at least not against the US dollar). The most likely reason for this is yesterday’s OPEC meeting that created turbulence on the Forex market and hurt many commodity-related currencies. The kiwi had hard time rallying yesterday due to the bigger-than-expected trade deficit.
NZD/USD dipped from 0.7865 to 0.7849 as of 15:37 GMT today, reaching the low of 0.7825 intraday. NZD/JPY rallied from 92.56 to 93.00.

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