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NZD/USD hits 4-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - NZD/USD rose further during the American session and reached at 0.6677, the highest level since November 3, boosted by a weak US dollar and a recovery in dairy prices.

    ISM below 50

    The US ISM manufacturing index came in below expectations and under 50, showing the worst reading since 2009 and a contraction in the sector. The data weakened expectations of a Fed rate hike in December and pushed the US dollar to the downside across the board. Greenback extended losses and now traders point their attention on tomorrow’s ADP employment report and on Friday’s NFP.

    After the GDT auction, the price index showed an increase of 3.7%, favoring the kiwi, that rose modestly in the market.

    NZD/USD approaches 0.67

    The pair currently trades near the highs at 0.6665/70, up 1.30% for the day. From a technical perspective, the pair received a boost after making a clear break above 0.6600; the mentioned area capped the upside during the previous three weeks.

    The kiwi is rising for the second day in a row versus the dollar accumulating a gain of 130 pips.
    For more information, read our latest forex news.

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