By FX Empire.com

The NZD/USD pair dropped to its lowest level in four days, as the greenback advanced against most of its major counterparts after risk aversion returned to the FX market.

Concerns over the EU region outlook increased after Standard & Poor’s announced it may cut the credit ratings for France, Germany and other countries from the EU region.

Investors increased demand for lower-yielding currencies as a safe haven, which pushed the pair to the downside to end last week’s gains.

On Wednesday at 20:00 GMT, the Reserve Bank of New Zealand will release its interest rate decision, where it’s expected to keep the rate steady at 2.50%.

The U.S. economy will release the Consumer Credit for October at 20:00 GMT, where it’s expected to come at $7.00 billion compare to the previous reading of $7.386 billion.

Originally posted here