Top Market Movers: NZDUSD, AUDJPY, USDCHF

NZDUSD

Kiwi Bid Up Ahead Of Consumer Price Report

The New Zealand dollar experienced some downward pressure in the overnight on a dollar bid tone preceding the U.S. economic releases at the New York open. After pulling back slightly, the underlying price action looks to be dragged lower on association with the Australian denomination as commodity prices pulled back from record highs experienced over the past couple of sessions.

Since rising higher to well above the $600 level, bullion has traded lower dipping $16.80 to $626.50 while crude settlement has been overshadowed by a $1.12 drop to $71.05. Subsequently, triggered stops in the cross selling of NZDJPY added to the major's woes hitting a low of 0.6242.

Now consolidating into the close of the day in a tight range, the currency pair looks to have slightly more negative tone as we approach the weekend. Any losses to the downside, at this point may be minimal considering the overwhelming bias towards a firm stance at the next central bank meeting in the upcoming week.

Rumorville

Bids now surround levels slightly below currency spot at 0.6235 and 0.6240 with subsequent stops below at 0.6230. Comparably, offers look to protect the 0.6300 even figure.

AUDJPY

Commodities Prop Up Loonie

Japanese yen buying and subsequent Aussie selling propelled the cross currency lower on the session, ranking it the second mover of the day. Sparking yen buying was simple consolidation earlier on in the overnight with a large Dutch buyer being a net seller in the USDJPY major.

The sized order looked to take the major lower with a successful defense of an Aussie option barrier exacerbating the cross' fall. Stops were triggered through 0.7410, 0.7400 and 0.7380 on the major Aussie dollar currency pair purporting a decline through to the 0.7358 session lows.

Dragging the Kiwi lower, the Aussie dollar was subject to downside on a pullback in commodity prices after reaching record levels yesterday. Looking ahead, traders will be eyeing three surveys set for release in the overnight. On the docket will be the Conference Board's Leading index survey as well as export and import price indexes.

Rumorville

Bids in the major Aussie looks to keep the cross bid with buyers entering at the 0.7350 figure. Furthering the cross bidding looks to ensue as mounting selling pressure looks to protect the 117.25 figure in the USDJPY major pair with more pressure on the way down to 116.65 and 116.40.

USDCHF

Traders Look To BOE Minutes

Dollar data led to greenback strength on the day, snapping a streak over the course of the week. Adding to the positive dollar bid tone were several reports that keeps traders guessing as to the continued momentum of the current tightening bias.

In the morning, at the New York open, initial jobless claims rose less than expected, dipping 10,000 to 303,000, while leading indicators declined 0.1 percent. With an improved employment picture, the leading index decline was seen as minimal considering the four positive months preceding the current reading. Subsequently following the releases, improvement in the Philadelphia Fed's survey bolstered optimism.

The sentiment translated into late Swiss investment house buying, now tapering as we head into the close. Further speculation now resides on the outcome of the G7 finance minister's meeting as well as President Hu Jintao's visit to the U.S.