Like the Aussie, the rally in the New Zealand Dollar was primarily driven by increased trader appetite for risk. The economy is going to have to start to show signs of a recovery or gains may be limited.
Although the fundamentals do not support it, the NZD USD pushed higher throughout the New York trading session. Like the Aussie this pair was primarily by increased trader appetite for risk.
Speculators are trying to build a case for the start of a bull market but gains could be limited until the New Zealand economy starts to show signs of a recovery. Most speculators are hoping that an economy recovery in China leads to increased New Zealand exports.