2 Sep 2013
Flash: NZD/USD, risks growing for a 0.7680/0.77 break - ANZ
FXstreet.com (Barcelona) - According to ANZ FX Strategists, NZD should remain range bound despite the risk is growing that a fundamental event may drive it through a break of 0.7680/0.7700 support area that would open NZD to declines towards 0.75.
Key Quotes
"The risk of a move lower is building with the potential catalysts being emerging markets wobbles in Asia, and the Syrian conflict."
"Our “reversification” thematic will also keep NZD under pressure against core currencies such as EUR and GBP."
"Of note is the turn in NZ data, which whilst strong at the outright level, has begun to underperform strong expectations. This could lead to downward pressure on NZD/AUD, against our long term view."
Key Quotes
"The risk of a move lower is building with the potential catalysts being emerging markets wobbles in Asia, and the Syrian conflict."
"Our “reversification” thematic will also keep NZD under pressure against core currencies such as EUR and GBP."
"Of note is the turn in NZ data, which whilst strong at the outright level, has begun to underperform strong expectations. This could lead to downward pressure on NZD/AUD, against our long term view."