Should have gone long on that...would have been a nice 40 pips.
Going short now on bouncing off resistance at 0.7870...ideally I would have waited for a breakout from the rectangle, but this was quite a tight stop. Still have this feeling that I'm trying to pick tops
Disclaimer: Do not take my posts seriously. They are only opinions.
Should have gone long on that...would have been a nice 40 pips.
Going short now on bouncing off resistance at 0.7870...ideally I would have waited for a breakout from the rectangle, but this was quite a tight stop. Still have this feeling that I'm trying to pick tops
Stopped out, only for it to keep falling. Halting my forex trading pending a review of my entry and exit systems.:mad:
Disclaimer: Do not take my posts seriously. They are only opinions.
New Zealand Dollar Falls as Employment Drops Most in 19 Years
By Tracy Withers
May 8 (Bloomberg) -- New Zealand's dollar fell for a second day after a government report showed employment contracted in the first quarter, adding to signs that economic growth is slowing and increasing the prospects of an interest-rate cut.
The currency slid to the lowest this week after the report showed employment had its biggest fall in 19 years and the unemployment rate rose to 3.6 percent from 3.4 percent in the first quarter. Employers shed 28,000 workers in the quarter, more than 10 times the decline expected by economists.
``A weak employment number is confirmation of the economic slowdown,'' said Michael Gordon, currency strategist at Westpac Banking Corp. in Wellington. ``The market is looking for confirmation of a slowdown to justify selling the kiwi,'' he said, referring to the currency by its nickname.
New Zealand's dollar slid to 77.79 U.S. cents at 10:50 a.m. in Wellington from 78.17 cents before the report and 78.62 cents in late Asian trading yesterday.
Reserve Bank Governor Alan Bollard said yesterday the outlook for the economy has deteriorated. Banks shouldn't tighten lending too much or that might ``exacerbate the contraction,'' Bollard told reporters.
Finance Minister Michael Cullen said yesterday households ``are under serious pressure'' and this month's budget will forecast slowing growth.
The economy may grow 1.5 percent this year, the slowest in a decade, according to the median forecast of 10 economists surveyed by Bloomberg News.
Economy to Slow
Eleven of 16 economists expect Bollard to cut rates from 8.25 percent this year. Four see lower borrowing costs before Sept. 30. A lower official cash rate may curb demand for the currency. New Zealand's benchmark rate is 6.25 percentage points higher than the Federal Reserve's target rate and 7.5 points more than Japan's benchmark.
New Zealand 10-year government bonds were unchanged. The yield on the 6 percent note due December 2017 was at 6.43 percent, according to data compiled by Bloomberg.
To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.
Reply With Quote
Originally Posted by slam
Bookmarks