Kiwi recovers from five-month low

New Zealand dollar rose on Wednesday away from five-month lows on improved labor data from New Zealand, while the US dollar lost ground. 

Kiwi inched up to 0.7017 against the greenback from the opening of 0.7001, with a session-high at 0.7026, and a low at 0.6992. 

New Zealand's employment change rose 0.6% in the first quarter, beating expectations of a 0.5% rise, and compared to plus 0.4% in the previous reading. 

The unemployment rate fell to 4.4% as expected from 4.5% in the last quarter of 2017. 

The upbeat labor data is underpinning kiwi after a two-week plunge due to the strength of the greenback and weaker demand on commodities. 

US dollar retreated today as investors await the Federal Reserve's policy decisions later today.