Forex Market Update: NZD/USD Continues to Consolidate, Holding Within Broad Range

[B]Kiwi is consolidating in the middle of the week’s range[/B], with price action holding a very tight range of 0.6321-48 so far and within the broader 0.6230-0.6400 range that has contained the week’s price action so far. With no major releases in NZ, the Kiwi moves continue to be driven by influences of the broader USD moves, coupled with EUR and AUD action. Of note, dairy prices remain weak with a broad decline reported in cheese contracts on Wednesday, and this remains a key negative factor for the NZ trade outlook going forward. Offers are still tipped at 0.6400 and 0.6450 with bids at 0.6250 and then 0.6230 and lower at 0.6180-0.6200. NZD/JPY interest has picked up from Japan margin traders, with longs at the highest levels in a month, but overall interest and volume in NZD/JPY from the Japan margin traders has remained subdued since last October.