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USD back on the front foot

Written by Sam Coxhead on December 16th, 2010.      0 comments

8:47 AM (NZT) The illiquid nature of the market continues in overnight trade. The USD has stepped onto the front foot buoyed by stronger economic data in the form of the NY State Manufacturing Index which recorded more activity than was expected. The continued rise in Govt. bond yields also leads the USD support. Adding to the USD strength was a poor Unemployment rate in the UK of 7.9% and again increased concerns about the European debt situation. The meeting of Eurozone Finance ministers over the next two days is adding to the pressure.
 
The NZD remains on the back foot more than most as the recent poor economic data, credit rating “negative watch”, worsening Govt. fiscal position, and lower projections from the RBNZ have seemingly spooked bought NZD accounts, and liquidations of these positions continue. A positive Fonterra online milk auction result overnight could do nothing to stem the tide in the offshore session.
 
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7385 0.7382 0.7576
AUD/USD 0.9847 0.9842 1.0028
NZD/AUD 0.7497 0.7480 0.7550
AUD/NZD 1.3356 1.3245 1.3368
NZD/GBP 0.4750 0.4736 0.4783
NZD/EUR 0.5581 0.5570 0.5625
NZD/JPY 62.41 62.22 63.05
NZD/CAD 0.7416 0.7409 0.7584
 

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