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Forex - NZD/USD falls after U.S. says Osama bin Laden is dead

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Forex Pros - The New Zealand dollar was down against its U.S. counterpart on Monday, retreating from a three-year high after U.S. President Barack Obama said that al Qaeda leader Osama bin Laden had been killed by U.S. forces.

NZD/USD retreated from 0.8180, a multi-year high, to hit 0.8065 during late Asian trade, shedding 0.40%.

The pair was likely to find support at 0.8001, Friday's low and short-term resistance at 0.8108, the days high.

Late Sunday, President Obama said bin Laden had been killed in a targeted assault outside Pakistan's capital, Islamabad. A Pakistani intelligence official described the raid as a "highly sensitive" joint intelligence operation.

The U.S. dollar gained on the view that that bin Laden's death could make the U.S. less subject to further terrorist attacks, but some analysts remained skeptical of whether it would reduce the security risks facing the U.S.

The kiwi was also lower against its Australian cousin, with AUD/NZD rising 0.17% to hit 1.3563.

Later in the day, the U.S. Institute for Supply Management was to publish its manufacturing PMI.

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


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

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