NZD To Test Support At 0.5050 - ANZ

NZD To Test Support At 0.5050 - ANZ

1921 GMT [Dow Jones] Announcement tomorrow by Prime Minister John Key on plan to stimulate small business unlikely to save NZD from thorough test of support at 0.5050, says ANZ Bank in briefing note. "A break through this level will see markets quickly congregate around the more major 0.5000 level and determine whether or not it can be taken out first time." Adds holiday shortened NZ week may see reluctance to add to significant short positions later in week. Expected range today: 0.5030 - 0.5140 vs last 0.5088. (SML)

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February 01, 2009 14:36 ET (19:36 GMT)