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11 Mar 2015
NZD/USD hits fresh monthly lows at 7237
FXStreet (Mumbai) - NZD/USD accelerated losses and printed fresh one month lows on reports that some dairy products orders have been reduced or halted following the contamination threat at dairy giant Fonterra.
NZD/USD slips from 0.7256 levels
Currently, the NZD/USD pair trades -0.42% lower at 0.7242, hovering close to fresh five week lows at 0.7237 levels. NZD/USD fell further into red after news crossed the wires that milk formula exporters reported some orders have been reduced or halted, after New Zealand Infant Formula Exporters Association (NZIFEA) stated that the threat is potentially disastrous for exporters, although no exports have been banned so far. The potential contamination threat at Fonterra continues to exert pressure on the Kiwi.
Moreover, the soaring US dollar sitting at fresh twelve year peak around 98.80 levels continues to undermine the Kiwi pair.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels.
NZD/USD slips from 0.7256 levels
Currently, the NZD/USD pair trades -0.42% lower at 0.7242, hovering close to fresh five week lows at 0.7237 levels. NZD/USD fell further into red after news crossed the wires that milk formula exporters reported some orders have been reduced or halted, after New Zealand Infant Formula Exporters Association (NZIFEA) stated that the threat is potentially disastrous for exporters, although no exports have been banned so far. The potential contamination threat at Fonterra continues to exert pressure on the Kiwi.
Moreover, the soaring US dollar sitting at fresh twelve year peak around 98.80 levels continues to undermine the Kiwi pair.
Meanwhile, traders now shift their attention towards tomorrow morning’s RBNZ meeting with the central bank likely to keep rates on hold following footsteps of its Australian counterpart.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7349 (Jan 29 High) levels. To the downside immediate support might be located at 0.7234 (Feb 2 Low) levels below that at 0.7174 (Feb 3 Low) levels.