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Forex Flash: NZD/USD rallies on surging milk prices – BNZ

Given a string of NZD ‘positives’, including an on-hold RBA, surging milk prices, and upbeat global risk sentiment, the NZD/USD has managed to settle in the green Wednesday.

According to the BNZ Research Team, “We suspect the the NZD/USD will continue to trade with a positive bias today. Dips back towards the 200-day moving average at 0.8300 should attract buyers, with another layer of support at 0.8280. Initial resistance will be encountered at 0.8350.”

The pendulum of investor sentiment swung back towards the more upbeat side overnight. Global equity markets notched up decent gains and risk aversion indicators fell after a slew of encouraging services data revived risk appetite. However, this ‘risk-on’ sentiment hasn’t impacted greatly on currency markets, which, for the most part, remain range-bound.

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