The New Zealand dollar held its ground against the pound yesterday despite concerns about the upcoming minutes from the Fed.

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For the New Zealand dollar the happenings at the US Federal Reserve are of importance as the NZD would be one of those currencies that would see depreciation as capital flows head back to the USA in response to the ending of the Quantitative Easing (QE) programme.

"Investors believes the minutes might offer some clues about the possible timing of further reductions in the US central bank’s stimulus programme. A 0.8% fall in dairy prices during the first global dairy auction of 2014 yesterday also failed to dent the kiwi," says Sasha Nugent at Caxton FX.

The New Zealand dollar managed to shake off those concerns yesterday to close exactly where it opened against the pound, with Fed minutes due this evening we will certainly get further direction for this pair.

Meanwhile, we have see the USD appreciate ahead of the minutes.

"US futures are down ahead of the open after snapping a three-day slump yesterday, with ADP non-farm employment change coming in considerably better than forecast at 238k as opposed to the forecast 199k; this figure has yet to prove a boost to the futures. Instead fear of accelerated tapering has led to a slight sell-off this can be seen further by the strengthening of the dollar since the figure," says Alex Conroy at Spreadex.