1 Dec 2014
NZD/USD taken lower to 0.778’s and driven by the greenback
FXStreet (Guatemala) - NZD/USD is trading at 0.7787, down -0.66% on the day, having posted a daily high at 0.7828 and low at 0.7783.
NZD/USD has followed the trend of the commodity currencies lower at the start of the week. The main driver has been the gold and oil prices putting a squeeze on long positions of the commodities and seeing the greenback higher.
The NZD/USD dropped through the supporting and psychological 0.78 handle in an extension of the downside but has so far been supported here now that commodities have leveled out, for now albeit at remarkable low levels, ahead of European and US markets opening and the US returning to their desks after the holidays.
From the data front, we have already listened to Wheeler, the governor of the RBNZ speaking who said that the inflation targeting remains appropriate which didn’t create any reaction. The main driver for the pair will be the greenback and market positioning while NFP’s at the end of the week will be the last for 2014 ahead of the RBNZ and FOMC ultimate showdowns before the new-year.
NZD/USD has followed the trend of the commodity currencies lower at the start of the week. The main driver has been the gold and oil prices putting a squeeze on long positions of the commodities and seeing the greenback higher.
The NZD/USD dropped through the supporting and psychological 0.78 handle in an extension of the downside but has so far been supported here now that commodities have leveled out, for now albeit at remarkable low levels, ahead of European and US markets opening and the US returning to their desks after the holidays.
From the data front, we have already listened to Wheeler, the governor of the RBNZ speaking who said that the inflation targeting remains appropriate which didn’t create any reaction. The main driver for the pair will be the greenback and market positioning while NFP’s at the end of the week will be the last for 2014 ahead of the RBNZ and FOMC ultimate showdowns before the new-year.