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Update ahead of the RBNZ

Written by Sam Coxhead on December 9th, 2010.      0 comments

 8:10 AM (NZT) Interesting moves overnight as bond yields in the US (leading others around the globe) head higher and this gives support to the USD.  Apart from being led by the Obama’s tax package in the US, its looks like a good old fashion flush out of invested positions being forced to sell out of the money. The high in the 10yr US yield has been 3.33% up from around 3.10% yesterday, and up from around 2.50% when the Fed announced its second round of QE which was intended to keep longer end rates low.
Ahead of the RBNZ’s statement at 9am today , the NZD has seen some decent repositioning of its own. It has been trampled across the board, selling off between .6 and 1.3% against the major trading partners, with the GBP seeing the largest appreciation over the NZD.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7490 0.7459 0.7580
AUD/USD 0.9793 0.9753 0.9859
NZD/AUD 0.7650 0.7641 0.7700
AUD/NZD 1.3071 1.2972 1.3095
NZD/GBP 0.4737 0.4733 0.4804
NZD/EUR 0.5651 0.5647 0.5708
NZD/JPY 62.93 62.80 63.32
NZD/CAD 0.7566 0.7546 0.7667