June 8, 2012
Just when it looked like the Kiwi was gonna soar to new highs, it came crashing down late in the New York session yesterday. NZD/USD hit a high at .7754 but soon came tumbling down, giving up all its gains to finish at .7682, marking a 19 pips loss for the day.
Oddly enough, the Kiwi couldn’t sustain any momentum sparked by the rate cut by the People’s Bank of China. Did the bulls simply run out of steam?
With not much big data heading our way today, we might see more subdued trading for the Kiwi. Still, let me warn you to stay on your toes as you never know what might rock the market!
"The only cable I watch is the pound baby."