Dollar Decline and RBNZ Stance Boost Kiwi

London: 29 November 2023 (TraderMade): The US dollar faced widespread declines, hitting a more than three-month low against major currencies on Wednesday. Meanwhile, the New Zealand dollar experienced a surge following unexpected hawkish comments from the Reserve Bank of New Zealand (RBNZ).

USD update against significant currencies

At about 07:27 AM GMT (compared to yesterday's close), the kiwi strengthened by 0.639% to $0.61755, reaching a four-month high of $0.6207 after the RBNZ hinted at possible future rate hikes in response to persistent price pressures.

Simultaneously, the Australian dollar dipped 0.217% to $0.66346 after reaching a four-month high of $0.66765 earlier in the session, influenced by softer-than-expected inflation data for October.

The dollar depreciated over 0.21% to 147.16101 yen, its weakest level in over two months. The EURUSD declined by 0.03% to 1.09889.

Sterling reached a three-month high of $1.2733 and last traded at $1.27037, while the dollar index remained flat at 102.6375. The index is on track for nearly a 4% loss in November, marking its worst monthly performance in a year.

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