By FX Empire.com
The NZD/USD pair fell to its lowest level in four weeks after the greenback recorded gains against other majors. The current market sentiment is still pessimistic and demand is focused on lower-yielding currencies and safe havens.
The New Zealand dollar dropped for the third day against the yen with the selloff in Asian stock markets, where the Kiwi lost momentum due to the uncertainty regarding the global economy outlook and deepening debt crisis in Europe.
Also the Chinese trade surplus fell below expectations in October, which reduced demand on the Kiwi, where China is the biggest trade partner for New Zealand.
On Friday at 14:55 GMT, the U.S. economy will issue the University of Michigan Confidence for November, where it’s expected to come at 61.0 from the previous 60.9.
Originally posted here
