NZD/USD approaches Thursday's lows

FXstreet.com (Córdoba) - The NZD/USD is falling early in Asia, approaching 0.8260 where yesterday's lows lie, after being unable to hold above the 0.8300 mark. Yesterday, the Chinese rating agency, Dagong downgraded the rating outlook for New Zealand from stable to negative on growth perspectives, that could face downward pressures.

NZD/USD hit by risk aversion

The pair was trading near 0.8340 at the beginning of the American session but lost momentum as stocks tumble and retreated to 0.8272, from where it bounced to finish Thursday around 0.8300. In Asia, stocks continue under pressure and the NZD/USD fell further, reaching a daily low at 0.8266.

The Kiwi is among the worst performers so far on Friday and is falling even against the Australian dollar. The AUD/NZD is bouncing from multi-year lows and trades at daily highs at 1.0575.

Overdone China PMI-led selloff excuse to re-set new FX trends?

The emerging markets sell-off sure does not come as a surprise as it was a dominant theme for most of H2 2013, however, after the overdone moves post China HSBC PMI one wonders if the market is seeking a clean-out of long-held specs positions in Yen currencies for example.
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