The New Zealand dollar gained some traction following the immense selling pressure of late as expectations run high for a narrowed current account balance in the fourth quarter.
Further selling sought out the Kiwi currency pair following some paring witnessed last week. Mostly due in anticipation of tonight's speech by Ben Bernanke, some selling could be seen ahead of this week's gross domestic product figure for the commodity economy.
Fueled by an ever widening US current account deficit traders pounded the dollar lower and bid sterling long positions on the day. Topping the positive list, the underlying pair rose within a 160 pip range to crash through previous resistance at the 1.7400 figure.
Addressing a news conference in Basel, Switzerland, European Central Bank President Jean Claude Trichet noted that markets have adequately absorbed higher rates on global growth.
Copyright 2024 Tiger Shark Publishing LLC . All rights reserved.
It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.
Free Festival of Traders Videos
full story
printer version