Month: May 2013

The Post’s Michelle Singletary explains the penalties for withdrawing from your 401(k) early.

US stocks are mostly flat in midday trading
Stock futures edge up, indexes on track for strong week
Stocks retreat from record

Group of Seven Finance ministers arrive at a stately home on the outskirts of London to discuss whether central banks can do more to bolster the fragile global recovery. Kirsty Basset reports.

Protesters gather outside the Treasury in London to urge the UK to do more to stamp out tax avoidance, a day before G7 finance ministers meet in Britain. Kirsty Basset reports.

By CountingPips.com

The New Zealand dollar declined against the US dollar in forex trading on Wednesday for a third consecutive day as the “kiwi dollar” fell to the lowest level since April 23rd. The NZD/USD started the week above the 0.8530 level and received some additional pressure over the past day from a rare central bank intervention in the currency markets by the Reserve Bank of New Zealand (RBNZ).  The RBNZ intervened and sold kiwi dollars because the central bank feels the currency is overvalued against the other major currencies.

Other data out today showed that the New Zealand unemployment rate fell to a three-year low and surpassed economic forecasts for the first quarter of 2013. The unemployment rate registered 6.2 percent for the first quarter after a 6.8 percent reading for the fourth quarter of 2012. Economic forecasts expected the unemployment rate to stay steady at 6.8 percent.

Outlook: Support & Resistance

The NZD/USD currency pair traded right at the 0.8400 exchange rate on Wednesday at New York closing time. A close below the 0.8400 support level would indicate the bears are in control and we could look for more downside pressure. Next levels of support coming in are the 0.8350 exchange rate with the major support level at 0.8300 in line after that which has been a previous support and resistance level numerous times in recent months.

On the top side for resistance, we see 0.8450/65 as a level to watch and if we get above that, 0.8500 to 0.8535 could provide targeted resistance.

NZD/USD Changes & Ranges: Past 6 Weeks

* current week

Written by Zac Storella, CountingPips Forex Blog & Currency Research

Hedge fund chief Paulson loses big on gold
EU Commission or ESM could wind down ailing banks
U.S. Treasury’s Lew says doesn’t see debt limit brinksmanship

U.S. Treasury’s Lew says doesn’t see debt limit brinksmanship
Republicans question security in immigration bill
LaPierre: NRA, members will never surrender guns

Consumer credit posts smallest increase in 8 months
Brazil’s Azevedo to be next WTO chief
Buffett’s firm to stage 5k run for shareholders

By CountingPips.com

The Australian dollar has declined sharply today in Forex trading against the US dollar as the reserve Bank of Australia decreased its benchmark interest rate overnight. The rate reduction was by 25 basis points and brought the interest rate to a record low standing of 2.75 percent.

The AUD/USD promptly dropped for a second consecutive day and to lowest level since March 4th under the 1.0200 exchange rate threshold. A close below 1.0194 in the Aussie/US dollar pair would mark the lowest closing level since October 2012.

The outlook for the this pair sees a resistance level at the major level of 1.0200 (previous support) while downside targets and support can be found at the 1.0150 level and the 1.0100 exchange rate further down the line. The major level of the 1.0000 looms about 150 pips away should we continue lower.

Written by Zac Storella, CountingPips Forex Blog & Currency Research

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