The NZD/USD has come off earlier lows made after the release of 3Q retail sales data as exporters try to lock in lower NZD cross rates, says Bank of New Zealand currency strategist Mike Jones; "(Retail sales) continued the tale of woe for the New Zealand economy. There has been that knee jerk reaction lower in the currency... the dip has seen quite a bit of export interest emerge so the Kiwi has bounced through the afternoon." The pair is at US$0.8172 vs US$0.8193 prior to the release of the retail sales data. Jones says the next major events for the pair are the Bank of England inflation report and U.S. retail sales data due later in the global day. Jones tips support at 0.8140, with resistance at 0.8200.
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