The New Zealand dollar fell today, as well as most other currencies, as the prospects for credit rating downgrades by Standard & Poor’s hurt Forex traders’ confidence and willingness to buy riskier currencies.
The FX market is currently in an uncertain position. The summit of the European Union members this Friday will likely have a tremendous impact on the market, but before the meeting the market sentiment can shift in any direction depending on a nature of news. So happened that market participants witnessed both bad and good news on Monday, leaving traders in puzzlement.
The last news was negative and currently the FX market leans to a pessimistic outlook. Both the S&P 500 index and the MSCI Asia Pacific Index lost 0.2 percent. Crude oil fell to $100.63 per barrel.
NZD/USD was down from 0.7800 to 0.7786 and NZD/JPY fell from 60.66 to 60.53 today as of 3:07 GMT.
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