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The NZD pressures the US dollar as risk rallies.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:40 PM (NZT) The New Zealand dollar has taken back a reasonable amount of recently lost ground from the US dollar this week. The majority of the lead has come from offshore influences, aside from an encouraging bounce in diary export prices. Fonterra’s latest diary auction results showed a 13.5% (trade weighted) appreciation in prices and is certainly NZD positive. The NZD has also been dragged higher by the performance by the Australian dollar. A 25pt easing to the cash rate from the RBA was less than the market had priced and gave the NZD a boost. Then came the surprisingly strong Q1 GDP result in Australia of +1.3% growth, against an expectation of just +.5%. Adding to this has been a change in sentiment in the wider market. The swing back towards risk appetite comes as an avalanche of central bank rhetoric about potential further stimulation hits the newswires. A push through resistance at .7720  would open up the way for further appreciation, in what is looking like a typical “steep bear market rally”.
 
The current interbank midrate is:                                                            NZDUSD .7701 
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7497 - .7712
Topics: NZD, NZDUSD
 

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