Eyeing 0.8300 offers amid “risk on”

Spot is currently eyeing touted offers at 0.8300 after extending north from an early Europe intra-day low of 0.8214 as the relatively high-yielding NZD continues to benefit from a rise in risk appetite (0.8302 was yesterday’s 19-week high). Dow futures are currently up 83 points, having been down 8 points shortly before the Shanghai share index closed down 1.1% at 2,268 (at 07:00GMT). EUR/NZD is currently trading circa 1.5840, having plumbed a new euro lifetime low close to 1.5800 yesterday, as the NZD continued to benefit from NZ PM John Key’s weekend comments about “significant” foreign interest in NZ government bonds (WSJ).

NZD/USD bull targets beyond 0.8300/02 include 0.8343 (Sept 16 high), 0.8373 (Sept 9 high), 0.8389 (Sept 6 high) and 0.8400. Spot scaled a 30-year peak of 0.8842 at the start of August last year. 0.8268 (today’s Asian session high) and 0.8250 (last Friday’s high) are now support points (stops above 0.8250 were tripped yesterday).

The results of the next twice-monthly Fonterra dairy product auction is expected circa 18:30GMT/20:00GMT.”

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