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15 May 2014
NZD/USD: Small dip bought after NZ budget
FXStreet (Bali) - Asian players bought the small dip in the NZD/USD following the release of the NZ annual budget, one in which projections are for a budget surplus of NZD 372 million in 2014/15.
Additional headlines related to the budget included: "NZ to post better surplus 2014, rising surpluses over the next four years." "Budget offers NZD 500 million in extra spending for families and children related policies." "March 2015 GDP 4.0%, March 2016 3.0%." "Budget is positive and forward looking."
According to Peter Fell from FXBeat, "this budget would appear to confirm NZ's sound fiscal position, solid economic growth outlook, can things get any better across the 'ditch"."
NZD/USD trades at 0.8668 with offers ahead of 0.8675 still disallowing the Kiwi from making further progress. Note this sticky resistance represents the 38.2% fib retrac from the 0.8777-0.8603 decline.
Additional headlines related to the budget included: "NZ to post better surplus 2014, rising surpluses over the next four years." "Budget offers NZD 500 million in extra spending for families and children related policies." "March 2015 GDP 4.0%, March 2016 3.0%." "Budget is positive and forward looking."
According to Peter Fell from FXBeat, "this budget would appear to confirm NZ's sound fiscal position, solid economic growth outlook, can things get any better across the 'ditch"."
NZD/USD trades at 0.8668 with offers ahead of 0.8675 still disallowing the Kiwi from making further progress. Note this sticky resistance represents the 38.2% fib retrac from the 0.8777-0.8603 decline.