FXstreet.com (San Francisco) - The New Zealand dollar gained further ground against its U.S. counterpart Thursday, lifted by German Chancellor Angela Merkel’s affirmation of support for the ECB's possible actions and plans to rein in euro zone debt crisis, inspiring risk tolerance.
Overnight, NZD/USD rallied to a three-day high of 0.8118 before closing up around 30 pips to 0.8100, extending the bounce from Fibonacci support at 0.8040 (23.6%, 0.7456/0.8221). The 21-day EMA, now at 0.8079, also attracted bids.
The economic calendar is thin with data today in Asia, but the Q2 Producer Price Index data from New Zealand just reported a 0.3% increase (output) from -0.1% last quarter, and 0.6% (input) from last quarter’s 0.3%. NZD/USD last trades at 0.8110.
Overnight, NZD/USD rallied to a three-day high of 0.8118 before closing up around 30 pips to 0.8100, extending the bounce from Fibonacci support at 0.8040 (23.6%, 0.7456/0.8221). The 21-day EMA, now at 0.8079, also attracted bids.
The economic calendar is thin with data today in Asia, but the Q2 Producer Price Index data from New Zealand just reported a 0.3% increase (output) from -0.1% last quarter, and 0.6% (input) from last quarter’s 0.3%. NZD/USD last trades at 0.8110.
