It wasn’t so long ago that NZD/USD kept stumbling below 76 cents but now we are all steam ahead above 78 cents. Today it was much better than expected employment data that got the Kiwi going with analysts saying the jobs market looks like it has turned the corner.
AUD/NZD after hitting neraly 1.31 in the wake of Tuesdays surprise RBA rate hike is back below 1.28 and looking ordinary. Overall it looks like pent up Kiwi demand as players look to rotate their holdings of commodity currencies.
On that note the CAD got hit in very late NY after the Canadian government through out BHP bid to purchase Potash on the grounds it did nothing for Canada. Perhaps that might explain part of the move.