30 Jun 2013
Flash: NZD/USD downward pressure alleviated – BNZ
FXstreet.com (Barcelona) - According to the BNZ Research Team, “A thawing of the Chinese liquidity freeze and steady NZD/AUD buying helped ease the downward pressure on the NZD/USD last week.”
However, the headwinds from a strengthening greenback ensured any gains were limited to around 0.7850. Still, this sideways creep was good enough to earn the NZD the title of strongest performing currency over the week.
Closing out the week was a fairly choppy and listless one for currency markets. Month/quarter end portfolio rebalancing and hedge-related FX fixing flows dominated the session. Heavy real money selling of the AUD and NZD at the fix pushed the NZD/USD down to an overnight low of around 0.7710 (before closing the week around 0.7740).
However, the headwinds from a strengthening greenback ensured any gains were limited to around 0.7850. Still, this sideways creep was good enough to earn the NZD the title of strongest performing currency over the week.
Closing out the week was a fairly choppy and listless one for currency markets. Month/quarter end portfolio rebalancing and hedge-related FX fixing flows dominated the session. Heavy real money selling of the AUD and NZD at the fix pushed the NZD/USD down to an overnight low of around 0.7710 (before closing the week around 0.7740).