Double whammy of very low NFP and ISM reading has created huge flight from US Dollar to other high yielding currencies. Strong close on Friday by EUR/USD, AUD/USD and NZD/USD without backing off a tick is really telling. We have been stalking New Zealand Dollar longs from past week and thought we would be able to get Australian Dollar even cheaper but Friday's events came out of blue and everything shot up.
But may be still all is not lost since, RBA and RNZ is still on dock this week, their currency bashing may provide good opportunities to get long at better levels.
Especially for NZD/USD we are looking to get long near 0.6850 / 60 today and see how the trade develops.
For AUD, besides being long against USD we are long AUD/CAD and looks like that trade is behaving well so far.
But may be still all is not lost since, RBA and RNZ is still on dock this week, their currency bashing may provide good opportunities to get long at better levels.
Especially for NZD/USD we are looking to get long near 0.6850 / 60 today and see how the trade develops.
For AUD, besides being long against USD we are long AUD/CAD and looks like that trade is behaving well so far.
