Commenting at news conference.
NZ PM John Key is on the newswires saying that the budget surpluses will start to get quite big.
That should be - all things being equal - supportive of the NZD.
The NZDUSD is already up nicely on the day on the back of the weaker USD. The price has moved above the high from last week at the 0.70858 level to a high of 0.7090, but has backed off a touch to 0.7081. Other targets are the November 17 high at 0.7108 and then focus will turn toward the 100 and 200 bar MA on the 4 hour chart at the 0.7142/50 area. The low today bottomed near the 100 day MA at 0.7035 and also moved above the 200 hour MA at 0.7043. If the low is in place, that is a nice level to base from in the new trading week.
