The New Zealand dollar sank today against its US counterpart, touching the lowest level since February, and fell against other major currencies as the market sentiment was not particularly favorable to currencies of emerging markets that are associated with risk.
Geopolitical tensions in Eastern Europe, poor Monday’s economic data from China and prospects for monetary tightening in the United States — all these factors were driving the kiwi down. Analysts thought that the 0.83 level should provide support for NZD/USD. So far, it proved true, though the currency pair breached the support level for a short time intraday.
NZD/USD sank from 0.8376 to 0.8300 as of 16:37 GMT today, trading near the lowest level since February 27. EUR/NZD jumped from 1.5668 to 1.5810.
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