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20 May 2015

NZD/USD climbs higher towards 0.7400

FXStreet (Mumbai) - The New Zealand extends its gradual advance against the American dollar in the mid-Asian session, driving NZD/USD to fresh session highs. The Kiwi was the biggest winner this session as traders wound up their NZD shorts ahead of New Zealand's annual Budget on Thursday.

NZD/USD rises from 0.7345

Currently, the NZD/USD pair trades higher by 0.30% at fresh session highs of 0.7371, inching towards 0.74 handle. NZD/USD snapped its long run of losses and crept higher largely on a short-covering rally as traders preferred to square-off their NZD positions before tomorrow’s NZ annual budget release.

Thursday's 2014/15 Budget is expected to have little in the way of surprises, with Finance Minister Bill English already admitting that the government will not meet its surplus goal due to weak tax revenues on the back of soft inflation. New Zealand's National-led government is expected to announce a small Budget-surplus forecast for the following year though.

The Kiwi also remains buoyed after data released on Tuesday showed rising inflation expectations, with the RBNZ's Q1 inflation expectations survey showing the two-year ahead forecast for inflation is 1.85% annually, up marginally on the previous survey results of 1.80%.

Meanwhile, markets now turn focus towards Fed’s minutes due later today for further momentum.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7400 levels and above which it could extend gains to0.7454 (May 18 High) levels. To the downside immediate support might be located at 0.7345 (Today’s Low) levels below that at 0.7314 levels.
May 20, 2015

Downward pressure on JPY to accelerate - RBS

Greg Gibbs, FX Strategist at RBS, suspects that higher US yields, and the portfolio effect of the BoJ’s QE program, may accelerate the depreciation on both Japanese yields and the Yen.
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May 20, 2015

EUR/USD downside bias for 1.0662/66 – AceTrader

The AceTrader Team maintains a negative bias on EUR/USD, anticipating a move lower towards 1.0662/66.
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