FXStreet (Córdoba) – The kiwi managed to trim losses during the American session not before reaching fresh multi-year lows against the US dollar that rose amid risk aversion and a decline in commodities.
Another day, another decline
NZD/USD started the day moving with a bearish bias and bottomed at 0.6620, the lowest level since June 2010. Afterwards greenback lost strength and trimmed losses. Near the end of the American session it was trading at 0.6650, 35 pips below the level it closed on Monday.
The pair is about to post the fifth daily loss out of the last six trading day as it continues to search for support.
NZD to remain weak until RBNZ?
The kiwi was among the worst performers during the second quarter, weakened after the Reserve Bank of New Zealand reduced the OCR (Official Cash Rate) and amid expectation of more cuts. The next meeting will take place on July 23 and the New Zealand dollar could remain weak until then, when the meeting finally takes place.
(Market News Provided by FXstreet)