Forex Flash: NZD/USD topside range unlikely to be tested - BNZ
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NZD/USD
FXstreet.com (Barcelona) - Until Thursday's terrible NZ jobs figures, BNZ FX Strategist Mike Jones was projecting NZDUSD breaking out of the top end of the 0.8100-0.8350 range. However, "with the risk of an RBNZ interest rate cut now very real, the NZDUSD topside looks unlikely to be tested" he says.
"Nonetheless, we doubt we're on the cusp of a substantial downward correction. Improving prospects for the global economy (rebounding China, better US data, stable European debt markets) and rising NZ commodity prices mean we continue to target 0.8200 for the NZDUSD by year-end" the BNZ Analyst adds.
"Nonetheless, we doubt we're on the cusp of a substantial downward correction. Improving prospects for the global economy (rebounding China, better US data, stable European debt markets) and rising NZ commodity prices mean we continue to target 0.8200 for the NZDUSD by year-end" the BNZ Analyst adds.
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