SUBSCRIBE TO FEEDFXstreet.com (Barcelona) – The pair was able to pick up more than 1/3 of the big crush which had battered the Kiwi nearly 300 pips from an opening price at 0.6935. NZD/USD hit its lowest level since August 2009, hammered at 0.6657.
A few hours into the US session, investors turned their back to its own currency, widely bid throughout the day on a flight to safety, and supported a corrective upside movement for the Kiwi, which managed to jump up to encounter resistance at 0.6760 (current pricing).
High volatility dominated the market through the Wednesday’s session, producing higher flows of capital returning to safe haven assets, provoking big rises in the USD and JPY, while badly hurting AUD and NZD, which were dragged aggressively lower.
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