New Zealand Dollar Weakest Major Currency During Tuesday Trading

The New Zealand dollar was the weakest major currency today, falling for the sixth straight trading session versus the US dollar and for eighth versus the euro and the extremely weak Japanese yen (which was the second weakest).

There was no apparent reason for such a sell-off. Some market analysts speculated that it happened due to diminishing prospects for an interest rate hike from the Reserve Bank of New Zealand in the foreseeable future. Currently, a hike is not expected until mid-2019.

NZD/USD dropped from 0.7145 to 0.7119 as of 9:43 GMT today, and its daily low of 0.7105 was the lowest since January 4. NZD/JPY declined from 77.67 to 77.48.

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