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11 Mar 2014
NZD/JPY stabilizes around 87.30, after reaching 6-year highs
FXStreet (Córdoba) - The NZD/JPY moved sideways on Monday and remains steady early in Asia ahead of the Bank of Japan’s decision, hovering around 87.50. On Friday the pair rose for the fourth consecutive day hitting at 87.93 the highest price in six years.
After approaching 88.00 the Kiwi lost momentum and pulled back, falling toward 87.30. At the beggining of the current week the pair dropped below 87.30 and bottomed at 87.01 but then bounced rising toward 87.50.
After rising more than 300 pips in the last five days, the NZD/JPY is stabilizing above 87.00, at levels not seen since 2008.
Central banks ahead
Today will be the turn of the Bank of Japan to announce it decision on monetary policy. No change is expected. And on Thursday the Reserve Bank of New Zealand will hold a meeting that according to market expectations a rate hike is likely to occur.
After approaching 88.00 the Kiwi lost momentum and pulled back, falling toward 87.30. At the beggining of the current week the pair dropped below 87.30 and bottomed at 87.01 but then bounced rising toward 87.50.
After rising more than 300 pips in the last five days, the NZD/JPY is stabilizing above 87.00, at levels not seen since 2008.
Central banks ahead
Today will be the turn of the Bank of Japan to announce it decision on monetary policy. No change is expected. And on Thursday the Reserve Bank of New Zealand will hold a meeting that according to market expectations a rate hike is likely to occur.