U.S. Dollar Rallies Off One Week Lows

The dollar crawled off one-week lows against the yen in early trading on Thursday, while the New Zealand dollar rallied after the central bank there made a smaller cut to interest rates than some had expected.

The kiwi dollar climbed to a peak of $0.6654, from $0.6570 before the central bank rate policy decision, and was last up 0.8 percent on the day at $0.6629, moving away from a six-year low of $0.6498 plumbed on July 14.

The Reserve Bank of New Zealand (RBNZ) trimmed rates by 25 basis points, while some investors had expected a more aggressive 50-basis-point cut to counter growing economic headwinds.