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Is the NZ dollar finally going to go down against the US dollar?

Written by Sam Coxhead on February 10th, 2012.      0 comments

5.15PM (NZT) The NZ dollars recent upward momentum against the US dollar has waned this week, as expected. Even with the follow through of positive data around the globe, and a possible resolution in Greece close to being made, the US dollar has started to stablise, from its trend down throughout January. Direction from here is going to be interesting. The likely outcome of a successful debt swap in Greece would in theory see risk appetite increased, and the NZD outperform accordingly. Given the rally the NZD has seen, and the price action this week, further ground to the upside for the NZ dollar is certainly going to be hard fought. The mixed outlook in the NZD labour market displayed in the employment numbers this week, did not help the NZ dollars performance. Next week sees a busier US economic data calendar, so most of the focus will be in the US, apart from during the release of Wednesdays NZ retail sales numbers for the 4th quarter 2011.
The current interbank midrate is:                                                            NZDUSD .8322 
The interbank range so far this week to date has been:                 NZDUSD .8283 - .8407