The New Zealand dollar was the standout performer yesterday in what was otherwise a fairly slow day in the market. The currency has been quietly building up steam since the start of the year, particularly over the last few months. This strength can be attributed to a string of positive fundamentals, as well as a Fitch – one of big three credit rating agencies – raising the rating for the nation’s economic outlook from stable to positive. In fact, the currency has logged gains of nearly 10% against its US counterpart since February, with many traders forecasting the advance to continue.
Elsewhere, the Swedish krona gained against the majority of its peers following unemployment data coming in better than forecast. The Canadian dollar also found support following strong housing figures.
Early this morning, Australian labour data came our worse than expected showing the overall rate of unemployment in the country was higher than expected at 6% causing the Australian dollar to weaken.
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