NZ Dollar Rebounds, Hangs Near Opening

The New Zealand dollar gained ground after falling to the lowest in more than two years versus the US dollar today but is currently struggling to rise above the opening level without support of fundamentals.

The New Zealand dollar followed its Australian peer in recovery from multi-year lows. Unlike the Aussie, the kiwi did not have supportive domestic data and was demonstrating weaker performance as a result. Traders wait for a monetary policy decision from the European Central Bank during the current trading session as it may define trends on the Forex market for the near future.

NZD/USD traded near its opening level of 0.7727 as of 11:21 GMT today following the drop to 0.7667 — the weakest level since June 2012. NZD/JPY bounced to the opening of 88.59 after the decline to 87.95.

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