26 Jun 2014
NZD/USD takes off, hits 0.8770
FXStreet (Bali) - Following the US GDP-inspired spike, the Kiwi is building on recent gains, prompted by more heavy buying, which has propelled the exchange rate to a new high of 0.8770.
According to Peter Fell, Analyst at FXBeat: "Large fund buying interest said to be against a basket of currencies has seen NZDUSD push through 8750, tripping stops along the way and trading to a high of 8770, resistance seen at 8780."
It is important to remember that at such hefty levels, the RBNZ won't be happy at all, which suggests that the higher the Kiwi goes from here on out, the more risks there is of the NZ Central Bank stepping up its rhetoric against the high NZD.
According to Peter Fell, Analyst at FXBeat: "Large fund buying interest said to be against a basket of currencies has seen NZDUSD push through 8750, tripping stops along the way and trading to a high of 8770, resistance seen at 8780."
It is important to remember that at such hefty levels, the RBNZ won't be happy at all, which suggests that the higher the Kiwi goes from here on out, the more risks there is of the NZ Central Bank stepping up its rhetoric against the high NZD.