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– Jason Wong, Bank of New Zealand (based on New Zealand Herald)
Pair's Outlook
During the first half of Thursday's trading session Kiwi managed to score additional gains against the US Dollar, as the rate managed to touch the 0.7244 level during that time. The surge was propelled by fundamental US data releases occurring during Wednesday's trading session's second part. However, after touching that high level the currency exchange rate began to decline, as the momentum was lost. If the set course is not changed by another fundamental event, the pair will retreat back to the monthly PP, which is located at 0.7184.
Traders' Sentiment
Traders have decreased their bearish sentiment, as 55% of open positions are short on Thursday, compared to 59% on Wednesday. In the meantime, pending commands are once more bearish, as 56% of set up orders are to sell the Kiwi.
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