Forex: NZD/USD in 5-month lows - NASDAQ Forex: NZD/USD in 5-month lows - NASDAQ

Friday, May 18, 2012

Forex: NZD/USD in 5-month lows - NASDAQ

Forex: NZD/USD in 5-month lows - NASDAQ

FXstreet.com (Barcelona) - The kiwi dollar continues its steep downside, intensified after the penetration of the floor of the 9-week consolidation pattern at the 0.8060 region.
Euro zone increasing tremors are weighting on the investors' sentiment, triggering a sell-off in the comm-bloc currencies, with direct effect in the NZD.

J.Kruger, Technical Currency Strategist at DailyFX, reckons that the sharp decline could visit the 0.7370 region, however he warns that "….daily studies are looking stretched and we would not at all be surprised to see a minor corrective bounce towards 0.7800 …"

At the moment NZD/USD is the worst perfomer against the greenback, losing 0.72% at 0.7594, facing the immediate support at 0.7624 (low May 16) ahead of 0.7585 (low Dec.20) then 0.7564 (low May 18) and 0.7550 (low Dec.19).
On the flip side, a break above 0.7681 (low May 15) would expose 0.7758 (low May 14) then 0.7798 (hourly lighs May 14/15) and 0.7811 (low May 11).



Campaign finance law before appeals court in Richmond - Richmond Times-Dispatch

A judge's ruling striking down the ban on corporate contributions to federal candidates is up for review by an appeals court in Virginia.

U.S. District Judge James Cacheris in Alexandria declared the ban unconstitutional last year, saying corporations have the same right as individuals to make campaign contributions. Federal prosecutors appealed the decision, claiming it's contrary to a century's worth of campaign finance law.

A three-judge panel of the 4th U.S. Circuit Court of Appeals in Richmond hears arguments today.

The issue arose when prosecutors charged two Northern Virginia executives of illegally funneling corporate cash into Hillary Clinton's Senate and presidential campaigns. Cacheris allowed charges to go forward alleging the men made contributions in employees' names, but tossed out charges alleging a violation of the corporate contributions ban.



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