Monday, January 15, 2018

The New Zealand Dollar was up against the US dollar

The New Zealand Dollar was up against the US dollar

The New Zealand dollar rebounded on Monday as the new uncertainty about the market is expected to meet the world's largest exporters of oil led to a decrease in the US dollar.

On the market there is a hesitation after the announcement by OPEC that Saudi Arabia will not take part in the scheduled Monday meeting with Russia and other countries on the eve of the OPEC meeting on Wednesday.

These reports reinforced concerns that the deal to reduce oil production can not take place, and put pressure on oil prices at the beginning of the Asian session.

They also led to profit-taking in the US dollar after the strong growth in a few weeks on the victory of Donald Trump.

Large-scale decline in the US dollar led to a rise pair of New Zealand dollar / US dollar on Monday to 0.7091. As of 0400 GMT, the pair was trading at 0.7080, up almost 0.9% above the level at which it was at the same time on Friday.

Further dynamics of the New Zealand dollar is largely dependent on its ability to break up the technical resistance of 0.7080 US dollar, said Imre Shpaytser of Westpac.

"The key is the behavior of the US dollar - Shpaytser said. - After the elections in the United States the US dollar strengthened significantly against almost all currencies, but now he needs a break", - he added.

According to him, if the dollar takes a breather, a pair of New Zealand dollar / US dollar this week may strengthen to near 0.7110, as New Zealand's economic performance remains strong.

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