The New Zealand Dollar opens this morning relatively unchanged, currently trading at 0.6574. It wasn’t always a flat day for the Kiwi which did see a notable appreciation against the Greenback. Touching daily highs of 0.66, the Kiwi unwound those gains quickly to ultimately find support at current levels and end up where it began the day.
With a mostly benign economic calendar to contend with the New Zealand Dollar again found itself being driven by off-shore forces. The lead up to a number of Chinese data releases saw demand in the oversold Kiwi increase and appreciate slightly. Unfortunately for ‘risk-on’ currencies such as the Aussie and Kiwi, the news came in slightly below expectations. Ultimately, the Kiwi fared well in the broad market sell off and now sits at 1.1014 against its cross Tasman rival the Aussie. From there it was the same old story, with the USD strengthening across the broad and whittling down the Kiwi.
Without too much to drive the Kiwi domestically, attentions now turn to fresh headlines on the on-going Turkey situation for direction. Traders will also keep close eye on a slew of US figures slated for release later in the day.