The New Zealand dollar ticked up today as the rally of raw materials helped commodity currencies. Still, volatility on the Forex market does not make it easy for risky currencies of emerging markets to rally.
The rally of commodity prices helped mitigate risk aversion among traders. The bounce of Glencore shares also proved helpful to currencies linked to raw materials. Nevertheless, the current volatile trading environment and the outlook for monetary tightening in the United States make it hard to be bullish on riskier currencies, including the New Zealand one.
NZD/USD gained from 0.6327 to 0.6352 while EUR/NZD slipped from 1.7758 to 1.7708 as of 20:19 GMT today.
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