NZD/USD Holds the Top Spot After Yen
NZD/USD holds the top spot after the Yen on the back of markets not
getting the indication from the RBNZ that June is definitely on the
cards.
NZD rallying as RBNZ left policy on hold - BBH
The
USD is weaker in a similar fashion only that markets are now
discounting a rte hike any time soon form the Fed on the back of
yesterday's statement, while today, the GDP was a big miss as well. 1Q16
U.S. GDP increased at an annualised 0.5% rate versus the 0.7% consensus
expectation. "The report underlines the loss of momentum that the US
economy has experienced over the past year," explained James Knightley
at ING Bank.
NZD/USD levels
NZD/USD is
through the 50 sma on the 4hr sticks at 0.6925 and is better bid above
there. It was exceeding the 21st April highs yesterday on the RBNZ and
remains robust towards the final sessions for the week. 0.6980 was
breached earlier and that is significant with a high of 0.6990, with the
target as the 20th of April highs next as being 0.7025. A reversal of
the move could put the bullish channel's support into jeopardy and the
50 dma at 0.6783 is key support.
