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11 May 2015
NZD/USD extends losses below 0.74 – at fresh 2-month lows
FXStreet (Mumbai) - The New Zealand extends its downslide for the second straight session versus the US counterpart in the mid-Asian trades, knocking-off NZD/USD to fresh two month lows below 0.74 handle. The Kiwi accelerated losses amid speculations that Reserve Bank of New Zealand (RBNZ) was on track to cut interest rates sometime this year, while downbeat NZ credit card figures further weighed on the pair.
NZD/USD drops from 0.7428
Currently, the NZD/USD pair dropped 1.55% at fresh two month lows of 0.7377, surrendering crucial 0.74 handle. NZD/USD extends decline after the NZD was largely hurt by rate-cut talks by RBNZ following near-zero inflation figures released earlier on Monday suggested that demand may also be starting to wane.
Moreover, disappointing NZ credit card data coupled with rising US dollar on upbeat US jobs data continues to drag NZD/USD lower.
Meanwhile, markets now turn their focus towards RBNZ’s Financial Stability report and Governor Wheelers’ speech on Wednesday in absence of major economic releases for the pair at the start of the week.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7428 levels and above which it could extend gains to 0.7450 levels. To the downside immediate support might be located at 0.7351 levels below that at 0.7320 levels.
NZD/USD drops from 0.7428
Currently, the NZD/USD pair dropped 1.55% at fresh two month lows of 0.7377, surrendering crucial 0.74 handle. NZD/USD extends decline after the NZD was largely hurt by rate-cut talks by RBNZ following near-zero inflation figures released earlier on Monday suggested that demand may also be starting to wane.
Moreover, disappointing NZ credit card data coupled with rising US dollar on upbeat US jobs data continues to drag NZD/USD lower.
Meanwhile, markets now turn their focus towards RBNZ’s Financial Stability report and Governor Wheelers’ speech on Wednesday in absence of major economic releases for the pair at the start of the week.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.7428 levels and above which it could extend gains to 0.7450 levels. To the downside immediate support might be located at 0.7351 levels below that at 0.7320 levels.