May 12, 2010
It looks like the Kiwi bulls took the day off, as the NZDUSD quietly edged lower and lower during yesterdays trading session. The pair closed about 55 pips lower on the day, to end at 0.7171.
We may be in for another snoozer today, as nothing is scheduled for release from New Zealand. Still, I suggest you watch out for news coming out of the euro zone as a potential catalyst for big waves in the currency markets. With all the uncertainty surrounding the euro zone and the recent bailout package being provided by the EU and IMF, any bad news could cause traders to unload their EURs, and seek safety in the USD. This could lead to a strong dollar rally across the board, with com-dolls like the Kiwi taking a hit.
Last edited by PipDiddy; 05-11-2010 at 11:23 PM.
"The only cable I watch is the pound baby."