After feeling the full weight of speculative selling yesterday, the NZD/USD has since recovered all of its losses. Indeed, at around 0.8310, the kiwi currently trades about 30 pips above where it was this time yesterday. The break below 0.8250 on NZD/USD and 0.8790 on NZD/AUD yesterday triggered a rush of NZD selling from speculative, momentum, and technical accounts. But having been squeezed down to 0.8200 and 0.8760, the NZD/USD and NZD/AUD bounced overnight.
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