Has the Kiwi Dollar Hit Bottom?

By: Regent_Markets

The financial markets are on the rebound this morning with beaten up currencies leading the bounce. The NZD/USD has been hammered through November, but is the biggest gaining dollar pair, up 0.56%. The AUD/USD is not far behind, up 0.52%.

The USD/CAD is reversing after a strong move higher yesterday from the 1.0400 level.

The euro continues to edge the British pound with the EUR/GBP adding another 0.15% this morning. The EUR/USD is up 0.30%.

The USD/JPY experienced a mini spike in the small hours of the morning, but this appears to have subsided with the pair up 0.18% this morning.

Gold is rallying in line with the general relief, with the precious metal up 0.85%.

The S&P 500 futures are also signaling a firmer start for stock markets, with the benchmark futures up 0.35%.

Coming up today we have UK public sector net borrowing numbers with the forecast set at 4.1bn. Following this we have Canadian retail sales and US GDP numbers. Late in the evening we have some central bank speak with Fed member Kocherlakota speaking at 18.00 and the minutes from the last FOMC meeting released at 19.00.

Having dropped 7.7% in November and nearly 15% since July, the NZD/USD been one of, if not the biggest faller during the renewed Euro crunch. Last night the pair closed around the October low with this morning offering some hope of a bounce. Whether the bounce can be sustained remains to be seen, but if there is a rally from here, it could be rapid considering the losses incurred lately.

A good way to play according to the experts at BetOnMarkets , this might be a HIGHER trade predicting that the NZD/USD closes above 0.7600 in 3 days’ time could return 220% if successful.

Summary:

Dave Evans
Email: editor@my.regentmarkets.com
Url: www.BetOnMarkets.com

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