Temat: NZD/USD

19 Oct 2011 21:18

CEDT DJ MARKET TALK: NZD/USD Dips Further After Beige Book - Westpac

1918 GMT [Dow Jones] The NZD/USD is at 0.7904, waning as U.S. stocks lose ground on the Fed's gloomy assessment of the U.S. economy. "A limp U.S. Beige Book survey of regional economic conditions, just released," is weighing on markets, says Westpac Senior Market Strategist Imre Speizer. Markets, however, are largely focused on the EU summit, with "participants appearing to be unwilling to place significant bets until some clarity emerges regarding the euro-zone rescue plan to be discussed at this weekend's summit." He says the pair may head to support at 0.7860.

Temat: NZD/USD

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Temat: NZD/USD

NZD/USD is stronger after the RBNZ decided to leave the cash rate unchanged at 2.5%, now recording fresh session highs above 0.8000, up from an earlier low of 0.7910.

The central bank delivered an “as expected” statement, retaining its tightening bias, saying “rates were likely to rise if global developments had only a mild impact on the New Zealand economy,” reports Lincoln Feast of Reuters.

As the Dow has been edging higher, climbing 162.42 points, or 1.4 percent, to 11,869.04, now the Kiwi has caught up. John Horner, currency strategist at Deutsche Bank says RBNZ’s decision “removes reference to the damping impact of the NZD on the economy, which likely reflects only that the NZD is lower than in September.”

At present, NZD/USD has closed the American session in the 0.8010 area, around 40 pips above Wednesday’s starting price. If the pair continues its advance in the session ahead, immediate resistance lies at the 50-day EMA, or 0.8025. to the downside, support lies at 0.7955 (27 sept high).