NZ Dollar Fails to Rally, Dragged Down by Risk Aversion

The New Zealand dollar attempted to rally today, but the attempt has failed, and the currency is trading below the opening level as of now.

New Zealand building consents rose 0.2% in January after tanking by 9.5% in the previous month. The kiwi paid little attention to the report. Rather, the currency felt pressure from risk aversion caused by the announcement of US tariffs on steel and aluminum imports.

NZD/USD was up from 0.7245 to 0.7278 intraday but retreated to 0.7240 by 12:54 GMT today. NZD/JPY slumped from 76.96 to 76.21, trading near the lowest level since November 20.

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