0430 GMT [Dow Jones] The NZD/USD is holding most of the early gains it
made on the "positive" news out of Greece, which is itself a
moderately positive sign for the currency, says Western Union Business
Solutions Corporate Dealing Manager Chris Hunter. "But I anticipate
that upwards movement will be capped in the near term, just based
purely on the fact that this does not change Greece's economic
situation nor Spain's, nor Europe's." The pair is at 0.7922 vs 0.7901
early this morning. Hunter says, however, the market focus is now on
the FOMC meeting later in the week, "especially given comments over
the weekend from Bernanke that the time for further easing could be
sooner rather than later, which is certainly a negative U.S. dollar
mover." He adds the strong AUD/USD could also drag the NZD/USD higher
with it. He puts short-term support at 0.7870, with resistance at
0.7940. (lucy.craymer@wsj.com)
Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
(END) Dow Jones Newswires
June 18, 2012 00:30 ET (04:30 GMT)
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