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NZD finally lifts against the AUD -helping NZD transfers to AUD

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

4:25 PM (NZT) The NZ dollar has seen some significant buying throughout the last 24 hours. Evidence of stop loss buying against the US dollar has been apparent. Also supporting the NZD is selling of the AUDNZD, which has broken through some technical levels and opens up the way for another leg higher from the NZD.
The economic data in Australia and New Zealand has been patchy. Yesterdays weaker than expected (0.0% vs .3% exp) retail sales number saw the AUD soften across the board and this may have been the kick that the NZD needed to take back some of its lost ground. Today’s building consents on both side of the Tasman illustrated how volatile these numbers can be. In NZ, the -6.4% result came after the previous months 10.7% increase. In Australia a 6.6% number was expected but 8.4% was the result. Ironically the NZD has maintained its upside momentum as the market discounts these numbers.
The demand for NZD is across the board and more than likely will be being driven by both stop loss buying as speculative investors exit “sold NZD” positions, and some kind of large buy order, really impacting in the summer markets with lower than usual levels of liquidity.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7934 0.7784 0.7927
AUD/USD 1.0292 1.0142 1.0288
NZD/AUD 0.7709 0.7658 0.7709
AUD/NZD 1.2972 1.2972 1.3058
NZD/GBP 0.5127 0.5047 0.5127
NZD/EUR 0.6212 0.6138 0.6212
NZD/YEN 60.95 59.83 60.95
NZD/CAD 0.8097 0.8006 0.8097