The New Zealand dollar was trying to extend its rally versus the US dollar but is struggling to keep rising as of now. The currency fell against the Japanese yen.
Some analysts explained today’s gains of the kiwi versus the greenback by profit-taking following the week of the US dollar’s rally. Fundamentally, nothing has changed, and the threat of monetary tightening from the Federal Reserve continues to weigh on all rivals of the US currency. Coupled with the softness of the commodity sector during the current session, this made it hard for the New Zealand dollar to continue rising.
NZD/USD was up from 0.6761 to 0.6771 as of 12:32 GMT today but backed off from the daily high of 0.6805. NZD/JPY slid from the open of 74.40 to 74.08 after touching the session maximum of 74.70.
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