New Zealand Dollar rises broadly today after a top RBNZ official indicated that the decision to refrain from rate hike was mainly due to communication difficulty. Instead, the central bank is actively considering a 50bps hike. Strong rebound in Asian stocks also supported other commodity currencies, but positive sentiment is not much carried through to European session. For the moment, Dollar and Euro are the softest ones. But Euro could eventually decide to leave the greenback behind if Gold could extend its rebound above 1800 handle. Technically, NZD/JPY's break of 76.15 minor resistance should indicate short term bottoming at 74.54. The question is whether the rebound could power through 77.91 resistance to indicate completion of the correction pattern from 80.17. Also, to confirm such a bullish turn in Kiwi, we'd also like to see break of 0.7087 resistance in NZD/USD. Before, we'll stay a bit cautious on New Zealand Dollar first. In Europe, at the time of writing, FTSE is down -0.34%. DAX is up 0.29%. CAC is down -0.52%. Germany 10-year yield is up 0.002 at -0.475. Earlier in Asia, Nikkei rose 0.87%. Hong Kong HSI rose 2.46%. China Shanghai SSE rose 1.07%. Singapore Strait Times rose 0.65%. Japan 10-year JGB yield rose 0.0010 to 0.020. | 