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NZ Forex
Daily Market Commentary New Zealand FX
Thursday, 04 April 2013 - Market Commentary
David Barbeler
New Zealand Dollar:
The Kiwi continued to improve yesterday, pushing towards 0.8450 before a fall in equities in the US pushed us back towards 0.8415. With little happening locally, some improved Chinese data helped lift us off 0.8400 yesterday afternoon with Non-manufacturing PMI and HSBC Services PMI both improving on last month’s figures. An announcement that the Cyprus bailout has been approved by the troika helped lift us further during European trade below we stumbled at 0.8445 after some weak US employment and ISM non-manufacturing data sent us back below 0.8425. On other currency crosses, NZD/JPY is also lower as we head towards Bank of Japan today, while AUD/NZD remains flat as both currencies move in similar directions.
We expect a range today of 0.8380 – 0.8450
Australian Dollar:
The release of a better than expected trade balance locally yesterday saw the Aussie begin an uptrend that saw it gain to close to 1.05 prior to the US session. The trade deficit unexpectedly shrank to $178 million in February compared to expectations of a $1bn deficit and was mostly due to increased< p/>
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