NZDUSD falls on budget

The NZDUSD fell 40 pips down to 6125 after the release of the budget. The budget was close to expectations with tough spending cuts, though the deficit projections were slightly worse than expected. Market looks like it was slightly long going into the budget.

AUDUSD has come off a few pips but has held ground. AUDNZD the winner here, moving up 60 pips.

6090-6100 the level to watch with good buyers in that zone. Under 6080 will open the door for a look at 6000.

Moody’s has kept its outlook at stable for NZ after the budget.