November 10, 2011
Talk about a wipeout! The kiwi got murdered yesterday, as a wave of risk aversion swamped the markets. NZD/USD dropped a massive 169 pips, falling all the way down to .7818. Could we see more of the same today?
With Italian yields soaring past the critical 7.0% mark, commodity dollars like the Kiwi took the biggest hits in yesterdays trading. With no hardcore data coming out from New Zealand today, the Kiwi may be prone to more losses as risk aversion continues to unsettle the markets.
"The only cable I watch is the pound baby."