7 Jul 2015
NZD/USD poised to attack 0.66 handle
FXStreet (Mumbai) - The New Zealand dives deeper in red against the American dollar in the European session, knocking-off NZD/USD to fresh five year lows just short of 0.66 handle. The Kiwi keeps pushing lower as a broadly stronger US dollar coupled with the recent streak of softer NZ macro releases weighs on the NZD.
NZD/USD drops from 0.6669
Currently, the NZD/USD pair trades lower by -0.90% at 0.6625, testing fresh five year lows printed at 0.6621 some minutes ago. The Kiwi prolongs its downtrend mainly under pressure of events in Greece and China that add to global risk-off sentiment. Moreover, the recent set of downbeat domestic fundamentals also keeps the Kiwi undermined.
The New Zealand dollar came under renewed selling pressure versus its US counterpart after the latest NZIER Quarterly Survey of Business Opinion shows the New Zealand economy losing momentum. The sluggish survey released suggested the need for further policy easing this year in a bid to spur the NZ economic growth.
Looking ahead, markets now await US trade balance data for further incentives on the pair as the economic calendar remain quiet for New Zealand’s domestic events for the rest of this week. While developments
surrounding Greece will be closely watched.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6684 levels and above which it could extend gains to 0.6715. To the downside immediate support might be located at 0.6600 (June 2010 levels) below that at 0.6569 levels.
NZD/USD drops from 0.6669
Currently, the NZD/USD pair trades lower by -0.90% at 0.6625, testing fresh five year lows printed at 0.6621 some minutes ago. The Kiwi prolongs its downtrend mainly under pressure of events in Greece and China that add to global risk-off sentiment. Moreover, the recent set of downbeat domestic fundamentals also keeps the Kiwi undermined.
The New Zealand dollar came under renewed selling pressure versus its US counterpart after the latest NZIER Quarterly Survey of Business Opinion shows the New Zealand economy losing momentum. The sluggish survey released suggested the need for further policy easing this year in a bid to spur the NZ economic growth.
Looking ahead, markets now await US trade balance data for further incentives on the pair as the economic calendar remain quiet for New Zealand’s domestic events for the rest of this week. While developments
surrounding Greece will be closely watched.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6684 levels and above which it could extend gains to 0.6715. To the downside immediate support might be located at 0.6600 (June 2010 levels) below that at 0.6569 levels.