The New Zealand dollar dropped today, following the Australian dollar in decline.
While today there were no events specific for the currency of New Zealand, market analysts pointed out that moves of the Aussie and the kiwi usually correlate, and this can explain why the New Zealand dollar behaved similarly to its Australian counterpart during the current trading session. Of course, the kiwi has its own negative factor in the form of the outlook for an interest rate cut from the Reserve Bank of New Zealand. In fact, specialists speculate that it can happen as early as May.
NZD/USD dropped from 0.6655 to 0.6615 as of 12:41 GMT today. EUR/NZD climbed from 1.6863 to 1.6935.
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NZ Dollar Follows Australian Dollar in Decline
