Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Due to a lack of domestic fundamentals, both commodity currencies, the kiwi and the aussie, are driven by the risk-off market mood spurred by the decline in equity stocks from Asia to the US. The equity sell-off drove safe-haven currencies, such as the yen, higher while the dollar rallied on Chinese weakness and Middle East tensions.
The long-term bearish trend that has been dominating the kiwi chart is likely to continue in 2016.
In December, NZD/USD had been up 3.8%, making it the strongest performing major currency, despite lower risk appetite, falling commodity prices, and a narrowing NZ-US short rate spread.
In the previous session, China's manufacturing PMI came in weaker than predicted, down from 48.6 to 48.2 in December. The data catalyzed fresh fears that economic growth is slowing further in the economic powerhouse.
As New Zealand's largest trading partner, weak data in the world's second-largest economy negatively impacts the fortunes of the kiwi.
