The NZD/USD trades a little lower around 0.8240 early thismorning.Overnight, all eyes were on Europe as the ECB and BoEannounced rate targets. The result was a fair amount ofvolatility in European currencies (see Majors). However,the NZD/USD and AUD/USD managed to steer clear ofmost of the volatility, trading fairly steady sideways paths.The NZD/USD has dribbled a little lower this morning andcurrently sits very close to the 50-day moving average at0.8243. Technically this level may be of interest to sometraders. Otherwise the NZD/USD remains firmly within thebroad 0.8120-0.8320 range it has traded over recentweeks. Yesterday morning’s release of US Fed Minutes(see Fixed Interest), nudged the NZD/USD a fraction lower,but provided nothing to threaten its broad range.
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