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NZDUSD – At Value?
Although the kiwi still sports the highest yield in the advanced industrialized world, the currency has been hammered over the past several days shedding more than 2% since last Friday and breaking the .6900 barrier in today’s trade.
Yet fundamentally the news of New Zealand has been relatively good. Today’s trade balance was narrower than expected and the latest Dairy Auction results though slightly negative were only the first lower reading in five months.
Tomorrow the market will get a look at New Zealand GDP and if the data surprises to the upside, the kiwi could stage a rally back to .7000 especially if US rates start to come in.