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Session Recap: Consolidation day in majors but party in NZD/USD

FXStreet (San Francisco) - It was a typical pre-key-data day in the currency market as majors traded sideways in really small ranges as investors are focused on Thursday's ECB meeting and Friday's NFP. However the NZD/USD added the point of salt.

The NZD/USD extended its collapse for third day amid news that the RBNZ has been intervening the market to weak the NZD in August. In the last three days, the NZD/USD lost 400 pips from the 0.8100 region on September 25 to test today's lows at 0.7700.

Currently, NZD/USD is trading at 0.7763, down 1.28% on the day, having posted a daily high at 0.7871 and low at 0.7705. NZD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.

On Majors, EUR/USD and GBP/USD posted small shy gains with Euro finished the day below the 1.2700 level and GBP/USD just above 1.6200. The USD/JPY reached fresh highs at 109.75.

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