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USD remains in demand

Written by Sam Coxhead on January 7th, 2011.      0 comments

8:45 AM (NZT) The US dollar remains in demand pretty much across the board. The most dramatic capitulation being the EUR which remains under intense pressure as the European Govt debt issues come back into focus. Once the "option protected" level 1.3125 gave way, the move down to 1.30 was opened up with only Asian Central Bank (ACB) buying to soften the landing.  It has bounced slightly off its low of 1.2999 , but price action remains weak.

The focus for the market in the next 24 hours is the employment numbers due for release in the US. Market expectation is that 159k on jobs will have been added in the non-farm payrolls, and the unemployment rate will be 9.7%. If the non-farm payrolls number is over 200k, it could be expected that we would see further strength from the USD. In particular the USD/JPY seems to be lagging in its strength, with bond yields in the the US rising as they have , many are looking for the interest rate differential correlation to come to the fore again.

The NZD has slightly outperformed the AUD in the offshore session and the full economic impact of the devastating floods in Australia are assesed. Price action in the AUD does remain negative , although this will probably not eventuate to the full blown correction that the bears are looking for.

      Last 24 hours trade
  Current level Low  High
NZD/USD 0.7572 0.755 0.7688
AUD/USD 0.9947 0.9928 1.0016
NZD/AUD 0.7614 0.7556 0.7617
AUD/NZD 1.3134 1.3128 1.3235
NZD/GBP 0.4895 0.4871 0.4911
NZD/EUR 0.5820 0.5745 0.5826
NZD/JPY 63.08 62.78 63.33
NZD/CAD 0.7545 0.7515 0.7567