The New Zealand dollar dipped today against its major trading peers even though there were no apparent reasons for such poor performance of the currency.
Yesterday, commodity currencies were supported by the outcome of the US presidential debates. Today, the currencies’ strength waned, and some analysts speculated that skepticism about possibility of a deal among major crude producers oil to limit output (which should buoy prices) is what dragging commodity-geared currencies down. Though it is important to note that only the New Zealand dollar shows noticeable weakness while the Australian and the Canadian dollars hover near opening levels.
NZD/USD dropped from 0.7298 to 0.7239 as of 10:56 GMT today. EUR/NZD rallied from 1.5359 to 1.5483.
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