NZ Dollar Joins Rally Against US Dollar

Like its Australian counterpart, the New Zealand dollar extended its rally today at the expense of the US dollar. The kiwi also had support from domestic economic data released over the weekend.

The New Zealand currency had a very similar performance to that of the Australian dollar, opening sharply higher and continuing to move up. High-beta currencies rallied against safer ones, especially the US dollar, after the Federal Reserve made a statement that confused traders about the possible timing of an interest rate hike. As for domestic news, the kiwi got a support from the Westpac McDermott Miller Consumer Confidence Index that showed an improving sentiment of New Zealand consumers.

NZD/USD gained from 0.7588 to 0.7619 and NZD/JPY rallied from 90.94 to 91.24 as of 12:07 GMT today.

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