The New Zealand dollar rallied today, rising for the fourth consecutive trading session against some of its rivals, including the US dollar and the euro.
Analysts are not overly optimistic for the currency, though, saying that it was likely just a relief rally. Indeed, the kiwi has started a decline a month ago, therefore an upward correction was not unexpected. The current environment on the Forex market is not supportive to riskier currencies linked to commodities and economic growth because traders feel nervous as the trade war between the United States and China is ready to officially kick in.
NZD/USD rose from 0.6789 to 0.6814 as of 8:29 GMT today, bouncing from the daily low of 0.6777. EUR/NZD fell from 1.7219 to 1.7185, touching the daily low of 1.7157.
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