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New Zealand Dollar Recovers to 0.8255 from 0.8212 After Earthquake

Posted by Chris Advincula on Jan 20, 2014 7:11:00 AM

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Chart: WorldWideMarkets Alpha Trader

A 6.2 magnitude earthquake shook the lower part of New Zealand’s North Island on Monday at 3:52pm local time near the town of Castlepoint about 160 kilometers northeast of Wellington. The New Zealand Dollar fell sharply from 0.8263 to 0.8232 (-31 pips) in the prior Asian trading session.

The Kiwi encountered another round of panic selling in the European session, falling from 0.8240 and dipping to the low of 0.8212 (-28 pips) from reports of after shockwaves. Fortunately, there were no immediate reports of casualties. However, the quake cut off electricity and train service for about 5,600 people in the region. Still fresh in the minds of many was the February 2011 6.3 magnitude earthquake in the city of Christchurch which brought much devastation.

 

Chris Advincula

WorldWideMarkets

 

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