Commodity currencies are seen as a block but when you get a move in a single commodity like today, it underscores the rift between oil importers and producers.
Not only does New Zealand import oil but it's more-leveraged to countries in Asia that import. The result is a 32 pips slide to 0.6344, which is the lowest since September 4.
Zooming out a bit, the bounce in NZD/USD at the start of the month is starting to look like the dead-cat variety and that spells trouble for the kiwi and risk trades elsewhere.
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