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An intensifying depression affected the Reserve Bank of New Zealand to cut interest rates for the first time from 2003, setting standard borrowing costs at 8.00%. The Kiwi dollar reacted piercingly, falling 82 pips in the primary 10 minutes after the release and keep on lowering quickly. European trading assures instability with a full calendar in the day to come. Everybody will focus on the German IFO Survey as anticipations call for the lowest reading since 2005.
With the brake down of near-term support in US hours, the Euro repeated a bit in the direction of 1.57 marks immediately. DailyFX Technical Strategist Jaime Saettele prefers a long-term bullish bias only if price stays over 1.5611, targeting for a continued break over the 1.60 mark to aim 1.6325. Support is seen at 1.5611. Sterling stayed mainly range-bound having come back under the 2.00 level late in the New York session. Support is seen at 1.9875, at the same time as resistance stands at 2.0150.
23:11
Posted on Jul-25-2008
