Forex - NZD/USD sharply lower on Japan nuclear risk fears
Investing.com
Published Mar 15, 2011 04:13AM ET
NZD/USD hit 0.7296 during late Asian trade, the pair’s lowest since September 24; the pair subsequently consolidated at 0.7330, tumbling 0.83%.
The pair was likely to find support at 0.7129, the low of September 3 and resistance at 0.7414, Monday’s high.
Authorities said an explosion at the No. 2 reactor at the Fukushima Daiichi nuclear power plant, located 155 miles northeast of Tokyo, appears to have caused damage. Some staff had been evacuated from the facility as radiation levels at the site rose sharply.
Japanese Prime Minister Naoto Kan said there was a high risk of elevated levels of radiation from the reactor that exploded and urged people within 30 kilometers of the plant to stay indoors.
In a televised address, Prime Minister Kan said "Substantial amounts of radiation are leaking in the area," urging people to remain calm. "We are making utmost efforts to prevent further explosions or the release of radioactive materials."
The kiwi also fell sharply against the yen, with NZD/JPY plunging 0.97% to hit 59.74.
On Monday, the Bank of Japan announced that it was pumping a record JPY15 trillion into the financial system and doubling the size of its asset-purchase program to JPY10 trillion in an attempt to stabilize markets in the wake of Friday’s devastating earthquake and tsunami.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.