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NZD/USD halts 3-day rally

The NZD/USD pair trades -0.43% lower at fresh session lows of 0.6891, having met fresh supply near 0.6925 region in early trades. The Kiwi witnessed some heavy selling over the last hours mainly driven by tumbling commodities’ prices, particularly oil and copper prices, which weighed on the resource currency. Meanwhile, the US oil is down -1.25%, Brent slides -0.90%, while the copper prices shed 0.55%, USD index advances 0.23% to 95 barrier, recovering from 94.56 – Wednesday’s low.

Downbeat NZ business confidence data (Actual: 3.2 vs. 7.1 previous) also added to bearish pressure on the bird. In the day ahead, markets now look forward to the US unemployment claims ahead of Friday’s payrolls data.

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