Like its Australian counterpart, the New Zealand dollar rallied during the current trading session. There were no domestic fundamentals to support the New Zealand currency, but the general market sentiment was enough to lift it higher.
Yesterday, traders focused on the hawkish parts of the Federal Reserve minutes, pushing currencies down against the US dollar. It looks like today the market concentrated on the dovish parts of the report, allowing the kiwi to rally, following the Aussie’s footsteps. The fact that the Australian and New Zealand markets are closed today did not prevent the rally.
NZD/USD rallied from 0.7551 to 0.7595 and NZD/JPY gained from 90.70 to 91.15 as of 12:33 GMT today.
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