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Forex Flash: Kiwi strength to stay – ANZ

With Kiwi just having printed fresh highs since Sept 2011 above 0.85, according to Wellington based Head of Markets Research at ANZ, David Croy: “Non-resident holdings of NZ Government Stock (NZGS) rose by NZD1.9bn in January, the 3rd largest gain ever,” the analyst notes.

Mr Croy adds: “Offshore holdings now stand at a record high of NZD41bn, topping NZD40bn for the first time. While historic, it shows that there is solid support for NZGS, and by implication, NZD/USD,” David suggests.

“Looking ahead, we expect ongoing interest in NZGS. This may not be sufficient to propel the NZD higher, but it is likely to contribute to it remaining elevated over coming months,” he concludes.

Forex: USD/JPY finding bids ahead of 92.20

USD/JPY is currently printing yet another fresh session and 5-day lows last at 92.30, ahead of reported buying interest starting at 92.20, and heavy stops below the 92.00 round, with buying interest orders back again around 91.50, FXWW Sean Lee says: “Better buying interest noted at 91.80 and 91.50/60,” he noted. For second consecutive week in a row the pair will close in Asia in the negative, something did not happen since late Sept, leaving very long upper shadows in its weekly candles.
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