NZD/USD Fundamental Analysis January 16, 2012 Forecast

The New Zealand Dollar fell against the USD yesterday following an up and down day of trading for the Kiwi. The day opened at a rate of 0.7967, the NZD traded sideways for the majority of Asia’s session with local equities and commodity trades offering very little support for the Nations Currency.

The kiwi did manage some upside movement reaching an overnight high of 0.7980 against the greenback after a brief rally proved to be short lived following the release of US retail sales

The retails sales report disappointed the market with a reading of 0.1 percent against a forecasted estimate of 0.3.

This morning the New Zealand Dollar open slightly weaker currently buying 79.40 US Cents and despite debt fears being slightly reduced across the Euro-Zone overnight the NZD has continued to run into resistance around the 80 US Cents Level.

As with the ANZ, there is no reason to see any fluctuation in the currency over the weekend and not economic data is expected. Monday, the kiwi is expected to trade in range of 0.7900 – 0.7990

 

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