By FX Empire.com
The NZD/USD pair reached its lowest level in eight months, as the US dollar soared against all of its 16 major peers after the FOMC minutes caused a selloff in the financial market.
The Asian stocks dropped, added more pressure on the Kiwi which reached its lowest level in eight months also against the Japanese yen, where investors decided to abandon higher-yielding currencies.
On the other hand, the weak Chinese PMI increased pressures on the New Zealand dollar after it declined sharply, as a result of the current Chinese authorities’ tightening policies which cooled growth alongside slowing global economic growth.
On Thursday at 21:45 GMT (Wednesday), New Zealand economy will release the Trade Balance for October where the previous was a deficit of NZ$ 751 million.
The New Zealand exports for October had a previous reading of NZ$ 3.44 Billion, while the prior reading for the Imports was NZ$ 4.19 Billion.
The trading volume will be low with limited movement with the absence of U.S. markets for Thanksgiving holiday which will increase the volatility.
Originally posted here
