NZ Dollar Soft After Economic Reports, News Headlines

The New Zealand dollar was trading lower for the most part today, though it was attempting to rise against few rivals. The market sentiment was torn between risk aversion and risk appetite due to conflicting reports about chances for a trade deal between the United States and China. New Zealand’s macroeconomic reports were neither bad nor good enough to drive the kiwi in any particular direction.
The ANZ World Commodity Price Index climbed 4.3% in November from the previous month. Year-on-year, the index rose by 12.4%. The biggest growth was registered in prices for beef due to competition between the USA and China for a limited supply of manufactured beef from New Zealand.
Released during Tuesday’s trading session, the Global Dairy Trade Price Index fell by 0.5% after rising by 1.7% in the previous reporting period.
Going forward, the New Zealand dollar will react to the speech by Adrian Orr, Governor of the Reserve Bank of New Zealand, released overnight and the manufacturing sales report released at the start of the next trading week. News about the US-China trade negotiations will affect the currency too.
NZD/USD slipped from 0.6518 to 0.6512 as of 12:17 GMT today. NZD/CAD dropped from 0.8668 to 0.8647. AUD/NZD inched down from 1.0498 to 1.0492, touching the low of 1.0470 intraday.

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