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NZD and AUD rally on short covering

Written by Sam Coxhead on March 23rd, 2011.      0 comments

9:11 AM (NZT) The NZD rose in the offshore session, continuing yesterdays strong performance. Price action indicates that the market has been caught out with both sold Australian and New Zealand dollar positions.
European and US equity markets were not able to build on stronger Asian markets yesterday as tensions increased in the Middle East/North Africa region pushing up oil prices. This adds to the peculiar price action of the NZD and AUD both moving higher.
With Current Account and GDP data over the next two days, a little position squaring can potentially be expected.
BNZ have released a paper saying they expect the RBNZ to start reversing the emergency cut by December. This also mirrors comments from the IMF yesterday that the RBNZ would have to reverse the cut to the OCR as the economy started to recover in order to contain inflationary pressures.
The UK CPI number came out higher than expected and started what is going to be an interest string of data released in the UK. Today sees The Bank of England Monetary Policy Meeting Minutes released for the last meeting, followed by the highly anticipated 2011 Budget. On Thursday the monthly Retail Sales numbers are released.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7410 0.7339 0.7447
AUD/USD 1.0112 1.0038 1.0131
NZD/AUD 0.7329 0.7295 0.7353
AUD/NZD 1.3644 1.3600 1.3708
NZD/GBP 0.4524 0.4506 0.4548
NZD/EUR 0.5219 0.5166 0.5229
NZD/JPY 59.95 59.45 60.39
NZD/CAD 0.7263 0.7183 0.7286