As Jamie said earlier, it’s amazing that an economy half the size of Norway’s can lead the market by the nose and it has now done so for the second successive day. NZD/USD rose almost 2% in two hours which is quite unbelievable and this indicates a market which has gotten it totally wrong. It traded to a high of .7308 but has now settled back at .7280. EUR/USD also took out previous highs, trading to 1.4844 before falling back. USD/CHF also fell sharply below 1.0200 and the cross fell to 1.5115.
Of the majors, USD/JPY and cable are the only ones thus far not to challenge recent USD lows.
