8 Nov 2013
NZD/USD near its daily highs
FXstreet.com (Athens) – The NZD/USD has been trading to the upper level since the kick off of the Wellington trading session ahead of NFP data.
NZD/USD higher inspired by China trade surplus; investors focus on NFP
The NZD/USD is trading near its daily highs the last houple of hours, hovering around 0.8344. The Kiwi got a solid boost due to the second’s largest economy released trade surplus, alongside with RBA’s slightly bearish comments on the Australian economy. Briefly, the New Zealand dollar lifted up against its major antipodean cousin on RBA’s mentioning that “RBA cites the high Australian dollar as one factor to slower growth outlook.Says lower exchange rate likely needed to balance growth.” The RBA dovish outlook strengthened the New Zealand dollar against the Aussie, thus, also supported the NZD/USD to trend higher. Finally, market participants could also attribute the uptrend performance of the cross, to a correction movement after outsized losses at the hands of risk aversion yesterday.
Technical Aspects on the NZD/USD
Tim Redell, Head of the Global Markets Research on behalf of ANZ Banking group suggests that “..NZD has peaked within the context of broad, protracted consolidation patterns. Recent upside “failures” suggest a sell-rebound mode through November before patterns become clearer.”
NZD/USD higher inspired by China trade surplus; investors focus on NFP
The NZD/USD is trading near its daily highs the last houple of hours, hovering around 0.8344. The Kiwi got a solid boost due to the second’s largest economy released trade surplus, alongside with RBA’s slightly bearish comments on the Australian economy. Briefly, the New Zealand dollar lifted up against its major antipodean cousin on RBA’s mentioning that “RBA cites the high Australian dollar as one factor to slower growth outlook.Says lower exchange rate likely needed to balance growth.” The RBA dovish outlook strengthened the New Zealand dollar against the Aussie, thus, also supported the NZD/USD to trend higher. Finally, market participants could also attribute the uptrend performance of the cross, to a correction movement after outsized losses at the hands of risk aversion yesterday.
Technical Aspects on the NZD/USD
Tim Redell, Head of the Global Markets Research on behalf of ANZ Banking group suggests that “..NZD has peaked within the context of broad, protracted consolidation patterns. Recent upside “failures” suggest a sell-rebound mode through November before patterns become clearer.”