August 28, 2012
The Kiwi just can't get enough air! It failed to fly up the charts yesterday, scoring another loss against the dollar. NZD/USD ended the day at .8086 after opening at .8117.
The lack of economic reports from New Zealand gave investors very little reason to buy the Kiwi, especially since China reported that industrial profits once again declined in July. Keep in mind that China is one of New Zealand's major trading partners. And so, the bad news from the Asian economy might have led some to worry about its potential repercussions to New Zealand's economy too.
We still don't have any economic report on tap for the Kiwi today. That probably means that we'll see market sentiment dictate the comdoll's price action in today's trading. So make sure you gauge the market's mood before pulling the trigger! Remember that it usually does well when risk appetite is up.
Last edited by PipDiddy; 08-27-2012 at 10:50 PM.
"The only cable I watch is the pound baby."