(RTTNews) - The NZ dollar exhibited mixed trading against other major currencies in European session on Wednesday. The NZ dollar rose to a 2-day high against the yen and the U.S. dollar. Meanwhile, the NZ dollar extended previous session's choppy trend against the aussie, but it recovered recent losses against the euro.
Deputy managing director of International Monetary Fund, Naoyuki Shinohara, said today that the global outlook remains unusually uncertain and downside risks have risen significantly.
Developments in the financial markets pose a major downside risk to the global economy, Shinohara said in a speech in Singapore today. The ability of banking sectors to withstand funding shocks is of particular concern. "A key concern is that the room for continued policy support has become much more limited and has, in some cases, been exhausted," he added
In European deals on Wednesday, the NZ dollar inched higher against the Japanese yen. The kiwi rose to a 2-day high of 61.29 versus the yen at 7:45 am ET. The kiwi-yen pair, which closed yesterday's trading at 61.11, is now worth 61.31. If the kiwi gains further, it may target around the 61.70 level.
Against the U.S. currency, the kiwi is now trading at a 2-day high of 0.6694, compared to yesterday's close of 0.6676. If the kiwi advances further, it may target around the 0.690 level.
The kiwi recovered its recent losses against the euro during Wednesday's European session. Rising from a low of 1.8018 hit at 4:05 am ET, the kiwi rose to 1.7909 against the euro at 7:30 am ET. Presently, the kiwi is trading at 1.7940 against the euro and this may be compared to yesterday's close of 1.7952.
The NZ dollar has been extending its previous session's choppy trend against the aussie in European session on Wednesday. The kiwi, which was worth 1.2415 against the aussie at yesterday's close, is now worth 1.2398.
Looking ahead, the U.S. wholesale inventories report for April is slated for release at 10:00 am ET.
