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Forex: NZD/USD blows through 0.8400 on new Fed commitment

By FXstreet.com,  December 12, 2012, 05:43:00 PM EDT

FXstreet.com (San Francisco) - The New Zealand dollar extended another leg higher against the greenback Wednesday, reaching 10-month highs after the Fed's decision to extend its bond-buying economic stimulus program (USD negative). The central bank has committed to buying $45 billion in long-term U.S. Treasuries on a monthly basis, and has kept interest rates on hold at 0-0.25%.

NZD/USD, in response, added to gains above the 0.8400 mark, peaking at 0.8450 before pullback to close the North American session up 0.5% at 0.8433, and poised to finish up around 2% for 2012. Further bullish targets lie at 0.8470 (Feb 29 high) and 0.8525 (78.6% Fibo, 0.8840/0.7370 downswing). Dips may encounter bids at 0.8355 (Sep 28 high) and 0.8317 (April 13 high). Spot currently sits quietly around 0.8430 in early Asia-pacific trade.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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