New Zealand Dollar: The Kiwi traded to the downside in Asia yesterday following a sharp decrease in N.Z Consumer Confidence and a lower Aussie dollar. After opening the day on its highs near 0.7050 support around the 70 cent level was tested but held firm in late Asia and early Europe. A larger than expected U.S PPI report sparked a rally in the “high yielders” which sees the NZD/USD open this morning on its highs back near 0.7050. Further direction is likely to come from across the Tasman with the RBA governor speaking and the all important U.S Consumer Price Index this evening.
- I expect a range today in the NZD/USD rate of 0.7025 to 0.7085
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