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NZD/USD slides below 0.6300

FXStreet (Córdoba) - NZD/USD is trading at the lowest level in 13 days as it continues to decline after making a strong reversal.

NZD/USD a quick trip to the downside

On Friday the pair traded above 0.6450, at the highest level in three weeks. But during that same day, started to move to the downside and continued to do the next two days. From last week highs NZD/USD has fallen almost 200 pips.

Today peaked on Asian hours at 0.6332 and then weakened. Once below 0.6300 accelerated the decline and after Wall Street opening bell bottomed at 0.6272, the lowest level since September 9.

Risk aversion explains most

The yen and the US dollar are the best performers in the currency market on Tuesday as stocks drop sharply. In Europe the FTSE 100 is losing 2% and the Dax 2.83%, in Wall Street, the Dow Jones declines 1.29% and the Nasdaq 1.53%. Gold is falling almost 1% and crude oil decline 1.90%.

Commodity currencies are among the worst performers but the kiwi is outperforming the Aussie.

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