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2 Mar 2015
NZD/USD rally to pick up this week
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7546 with a high of 0.7564 and a low of 0.7535.
NZD/USD is stalling at the mid point of the handle on the bid as flows in demand of the greenback prevail once again. However, Imre Speizer, analyst at Westpac Banking Corporation explained that the recent rally is likely to extend this week. "We target the 0.7610-0.7620 area (those were the main lows last Dec - Chart 1) but a run as far as 0.7700 would not surprise. NZ’s economic data pulse is currently running hot , with dairy prices rising, migration at record levels, and the domestic economy in solid shape."
Speizer added, "Combined with USD’s stall since late Jan, plus speculative positioning being short NZD, an argument for multiweek NZD/USD strength can be made." He explained that the key NZ event this week will be the semi-monthly dairy auction (Tue), expected show another price rise due to the ongoing drought.
NZD/USD is stalling at the mid point of the handle on the bid as flows in demand of the greenback prevail once again. However, Imre Speizer, analyst at Westpac Banking Corporation explained that the recent rally is likely to extend this week. "We target the 0.7610-0.7620 area (those were the main lows last Dec - Chart 1) but a run as far as 0.7700 would not surprise. NZ’s economic data pulse is currently running hot , with dairy prices rising, migration at record levels, and the domestic economy in solid shape."
Speizer added, "Combined with USD’s stall since late Jan, plus speculative positioning being short NZD, an argument for multiweek NZD/USD strength can be made." He explained that the key NZ event this week will be the semi-monthly dairy auction (Tue), expected show another price rise due to the ongoing drought.