24 Jul 2014
NZD/USD consolidates below 0.8600
FXStreet (Córdoba) - The NZD/USD is trading steady during the American session, consolidating below 0.8600 after dropping sharply following the decision and the statement made by the RBNZ.
During the European session the pair bottomed at 0.8566, the lowest level in six week. Afterwards rebounded and recovered modestly. In the last hours the pair has been moving in a range between 0.8595 and 0.8570.
NZD weak following RBNZ
The Kiwi is among the worst performers in the currency market but has been able to stabilized in the last hours. “The RBNZ hiked rates 25 bps to 3.5%, as expected, but the Kiwi suffered after the central bank signaled a pause in the tightening cycle”, said Marc Chandler from BBH. According to him, if the NZD/USD breaks below 0.8500 “it would set up a test of the 0.8400 low from early June”.
During the European session the pair bottomed at 0.8566, the lowest level in six week. Afterwards rebounded and recovered modestly. In the last hours the pair has been moving in a range between 0.8595 and 0.8570.
NZD weak following RBNZ
The Kiwi is among the worst performers in the currency market but has been able to stabilized in the last hours. “The RBNZ hiked rates 25 bps to 3.5%, as expected, but the Kiwi suffered after the central bank signaled a pause in the tightening cycle”, said Marc Chandler from BBH. According to him, if the NZD/USD breaks below 0.8500 “it would set up a test of the 0.8400 low from early June”.