As the latest news by ForexGen, The New Zealand dollar slipped to a six-year low against the greenback as commodity prices tumbled lower this week, and may fall further over the following week as risk aversion continues to drive price action in the currency market.
Fears of a global recession paired with fading demands for high-yielding assets has clearly dragged on the NZDUSD, and the break below the 10/27 low of 0.5350 indicates that the pair has yet to find a bottom, and may test the 0.5000 level for psychological support over the near-term as investors hold a bearish outlook for the commodity currencies. Sure it will be new from it is first position.
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