The NZD/USD clawed its way back above 0.8000 last night as positive fundamentals continue to reassert themselves in the wake of fading dairy concerns.
The offshore trading session has been all about a weakening in the USD. Part of this likely reflects positioning, as speculative investors trim large net longs in the greenback. But a marked recovery in risk appetite has also been a factor in the USD’s demise, as gains in equity markets and commodity prices buoy the appeal of the AUD, NZD, and CAD. The S&P500 is currently up 0.5% while the CRB global commodity price index is around 0.7% higher.
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