NZD/USD is today's top performer
The New Zealand dollar managed to break the March, December and October highs in a single, powerful move today.
In percentage terms, the kiwi is easily the top performer today and was yesterday as well. The takeaway is that despite RBNZ jawboning and the recent surprise rate cut, it's still the top yielder.
No one wants a strong currency but if the overall risk environment is good, the New Zealand dollar is the best of a bad bunch. It was also given life by a great housing starts report at the start of Asia-Pacific trading Wednesday.
Technically, what's not to like?