New Zealand Dollar: The announcement of an interest rate rise in Australia added some initial support to the Kiwi around 0.6980 U.S dollars however buying interest waned during late Asian afternoon exchange and the NZD/USD entered offshore at 0.6960. After dipping to a low of 0.6925 in Europe the Kiwi staged a rally back to 0.6980 following a return to risk and gains in EUR/USD. The AUD/NZD cross rate continues to garner plenty of interest trading within a whisker of 1.3 to open this morning near the highs at 1.2975 as the AUD/USD continues to edge higher whilst the NZD/USD remains relatively range bound around 70 cents.
- I expect a range today in the NZD/USD rate of 0.6925 to 0.7000
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