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NZD/USD In for More Losses
By DailyFX Updates | August 14, 2007
Fundamentally and Technically, the NZD/USD looks like its in for more losses. Retail sales last night was much weaker than expected and there are reports that foreign debt redemptions in the next 2 months will continue to weigh on the currency. NZ$3.5 billion worth of bonds are set to mature this month with another NZ$3.9 billion to mature in September. Much of this is foreign debt obligations and given the recent turmoil in the financial markets - repatriation risk is high.
Technically, we had a significant break of trendline support in the NZD/USD a few days ago. There is supprot at 7265/7275 but below that, there is no major support until 6760.
Tags: dollar, forex, forex news, forex trading, forextrading
Topics: DailyFX.com Updates |
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