$EURNZD using small correction to re-short for longer term.

FX:EURNZD   Euro / New Zealand Dollar
225 6

Nothing has changed in the eurozone. QE will continue. Euro will continue weakening.


We had poor Milk sales again that lead to a correction in this pair. We are using this opportunity to get short.

New Zealand Q4 GDP

q/q, +0.8% vs expected +0.8%
y/y, +3.5% vs expected +3.4%.

Data continues to be inline or beating expectations.


1) Wheeler stated there is no reason they would be following Australia or Canada and cut rates.
2) RBNZ - Monetary policy still expansionary
3) Wheeler is happy where NZD dollar VS US dollar
4) RBNZ rates on hold.

Reuters survey now:

10 of 13 economists see no Reserve Bank of New Zealand rate move before Q1 2016
11 of 13 economists see RBNZ's next move to be a rate rise, two see cuts from mid-2015
RBNZ seen raising official cash rate to 3.75 pct in june 2016, 4.00 pct by sept 2016
This choppy advance looks like a great time to short, specially considering the potential move up in gold.
yes will try or add small position and slowly build.
+2 Reply
IvanLabrie workingtraders
I took a small long position and it worked nicely, I'll reasess and go short if need be.
+1 Reply
workingtraders IvanLabrie
played out real well
Thanks for the great analysis.
Will be shorting into rallies?
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