13 May 2015
RBNZ Financial Stability Report see's NZD initially offered
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7355 with a high of 0.7369 and a low of 0.7316.
NZD/USD has been offered on the opening of the RBNZ's Financial Stability Report with comments around the price of the Kiwi being above sustainable levels and explaining that the recent drop in the value of the currency has been helpful. The price went from 0.7359 to 0.7317 very quickly and sets the tone for the day ahead. The bird is moving in a downtrend and we have now marked lower lows of that trend that commenced 0.7732 at the end of April. Meanwhile, at time of writing the price has recovered back to the mid pint of the handle.
There has been a series of unwinding on a dovish outlook from the RBNZ. China has disappoints at NZ's largest trading partner while dairy prices have recently hit 5 year lows. The local jobs market continues to disappoint and continuous jawboning of the currency all pressure and add up to the downside. In this statement, the RBNZ said that the financial system is sound but faces significant risk.
Technically, we are moving further along vs the 18th March rally that came from 0.7280. This mark is eyed as a key level below 0.7300/20 where the bears are targeting currently o this spike to the downside.
NZD/USD has been offered on the opening of the RBNZ's Financial Stability Report with comments around the price of the Kiwi being above sustainable levels and explaining that the recent drop in the value of the currency has been helpful. The price went from 0.7359 to 0.7317 very quickly and sets the tone for the day ahead. The bird is moving in a downtrend and we have now marked lower lows of that trend that commenced 0.7732 at the end of April. Meanwhile, at time of writing the price has recovered back to the mid pint of the handle.
There has been a series of unwinding on a dovish outlook from the RBNZ. China has disappoints at NZ's largest trading partner while dairy prices have recently hit 5 year lows. The local jobs market continues to disappoint and continuous jawboning of the currency all pressure and add up to the downside. In this statement, the RBNZ said that the financial system is sound but faces significant risk.
Technically, we are moving further along vs the 18th March rally that came from 0.7280. This mark is eyed as a key level below 0.7300/20 where the bears are targeting currently o this spike to the downside.