FXStreet (Córdoba) – The kiwi is rising against the US dollar, recovering after falling sharply last week to multi-year lows. NZD/USD printed a fresh daily high at 0.7194 during the American session.
Currently trades at 0.7180, 80 pips above yesterday’s closing price. A weak US dollar pushed the pair to the upside, that held to gains despite a decline in dairy prices. At today’s auction, the Global Dairy Trade price index fell 4.3% but after a modest retreated, the pair found support at 0.7140 and turned again to the upside.
The pair is having the best performance since May 13 and making a recovery after falling on Friday to 0.7072, the lowest since September 2010.
(Market News Provided by FXstreet)