Octa trading broker
Open trading account

Forex: GBP/NZD prints historic lows below 1.8550

As another sign of Pound weakness seen as of late, down -1.21% from Friday's highs alone against USD, and only above Yen in last 5 trading days, but below it for the session being with GBP/JPY near session lows, GBP just printed historic lows against Kiwi, according to Gomarkets Aus feed, few pips below previous lows in Aug 2011 around the 1.8540 level.

The cross opened current week with a gap lower to mentioned historic lows, mostly on the back of NZD strength, third strongest currency among majors only below Euro and Swiss Franc for the last few days, with Kiwi reaching long term fresh highs also against USD, AUD and JPY. The cross sits flat now from previous Friday weekly close at the moment, recovering from mentioned record lows, and off session highs at 1.8591.

Immediate support to the downside for GBP/NZD lies at mentioned record lows 1.8540, with uncharted territory underneath, while to the upside, closest resistance shows at mentioned session highs 1.8590, followed by Jan 24/29 lows at 1.8744, and Jan 25 lows at 1.8780.

CORRECTION: Australia ANZ Job Advertisements -0.9% in Dec

Read more Previous

Forex Flash: RBA cut less likely this week - NAB

According to the latest NAB view on the upcoming RBA meeting, which shows consistency with last week's reports, "rate cut by the RBA this week is less likely" although the bank still expect more rate reduction down the road. "NAB’s view remains that more rate cuts will be needed during the course of 2013 as the boom in mining investment fades and the unemployment rate rises" the bank said.
Read more Next