New Zealand Dollar Attempts to Reverse Losses

The New Zealand dollar was moving lower at the start of the current trading session, but currently it has reversed its movement, trimming losses against some rivals (like the US dollar) and erasing them completely against others (like the Japanese yen).
It is not surprising to see the kiwi weak, considering that traders are pricing in an interest rate cut from the Reserve Bank of New Zealand later this week. Most market participants expect a reduction of the main rate by 25 basis points to 2%. Yet the New Zealand currency is attempting to regain its footing, and at the present time it is hard to say whether this is due to profit-taking or for some other reason.
NZD/USD was down from 0.7141 to 0.7085 intraday but bounced to 0.7124 as of 10:27 GMT today. NZD/JPY traded at about 72.91 following the drop from the open of 72.76 to the session minimum of 72.34.

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