Free Trial

NZD/USD registered gains Wednesday,............>

KIWI
KIWI: NZD/USD registered gains Wednesday, underpinned by broad-based USD
weakness seen as U.S. equity benchmarks firmed up. Demand for EUR/USD may have
sapped some strength from the greenback as well, spilling over into other
crosses. NZD/USD topped out at $0.6580, right at the prior day's high, and
finished just a handful of pips below there.
- ANZ released their NZ Truckometer for June, with heavy traffic index extending
recovery & rising 14.5% M/M. ANZ commented that overall traffic is close to the
levels seen a year ago.
- The rate sits at $0.6574, virtually unchanged as we type. The peak of Jun 10,
a multi-month high located at $0.6584, remains the initial bullish target. A
break here would bring the $0.6600 mark into play, with the upper 3.0% Bollinger
band coming up next at $0.6637. Bears look for a pullback under Jun 23 high of
$0.6533, towards Jun 22 low of $0.6377, a key support level. 
- Looking into NZ calendar, flash ANZ Business Confidence headlines today, with
card spending data due tomorrow. Today's inflation data out of China will also
provide interest.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.