AFX: Forex: NZD/USD rises 0.90% to be above 0.5800 level
After rising around 85 pips from 0.5740 in the early European morning to reach the 0.5825, fresh 2-weeks high, the NZD/USD is trading above the 0.5800 key level. Currently the pair is trading around 0.5815/25 after rising 0.90% so far today from 0.5775 opening price.
Yesterday, the kiwi won 0.70% against the USD from 0.5733 opening price, reaching 0.5711 as minimum and 0.5787 as maximum, to close the day at 0.5773.
According to the Swiss e Trade Strategy Team, the commodity−related pairs are in recovery mood: "The Canadian and Australian dollar strengthened recently against the USD and the EUR, reflecting more confidence in a recovering world economy. Is it really recovering? There are more and more signs of that. For instance, commodity prices, especially the industrial ones like copper, iron ore, zinc and tin, recovered, with their future markets going limit up recently, and oil is up as well. Another sign of economic resurrection comes from the world freight market, showing signs of new life, too."
