Forex: NZD/USD pulls back after posting a 13-month high
FXstreet.com (Córdoba) - Kiwi is rising for the fourth consecutive session accumulating an increase of more than 350 pips. Before the opening bell at Wall Street the pair rose to 0.7238, hitting the highest price since August 3 of last year.
The pair then pulled back to 0.7180; in case it breaks below the next support lies at 0.7155 and below at 0.7100. The New Zealand Dollar started to rally after the release of the current account that showed a surplus.
Michael J. Malpede, analyst at Easy Forex comments: The New Zealand dollar traded at a 13 month high versus the USD and led the assault against the USD supported by report of the sharp improvement in New Zealand's current account deficit. New Zealand's GDP debt ratio fell to 5.9%, the trade had expected a reading of -7.2%. The New Zealand dollar was also supported by report that dairy giant Fonterra raised its pay out to farmers by 12%.