NZD/USD drops to 0.6910 on a quiet start of 2017

NZD/USD extended the decline that started during the last American session of 2016. The pair opened lower and bottomed on European hours at 0.6910, the lowest since last Wednesday. 

During the last hours, it has been steady, moving in a small range, between 0.6935 and 0.6910. Most of the pairs in the forex market are moving in minor ranges, in a quiet session as financial markets continue in holiday mode. 

No economic numbers will be released in the next hours. During the weekend, the Chinese PMI report for December (official) showed a decline from 51.7 to 51.4, slightly below consensus forecast of a 51.5 reading. 

AUD/NZD hits 3-month lows 

The kiwi opened the week stronger against the Aussie and despite the slow moves, it managed to reach multi-month highs. AUD/NZD, after being unable to break above 1.0400 on Friday, dropped today to 1.0346 (marginally below Friday’s low), hitting the lowest level since September 21. The pair was hovering around 1.0355.