FxWirePro: New Zealand dollar upbeat as poll shows big win for ruling government

New Zealand dollar jumped almost a percent today before scaling back some of the gains on a report that the governing National Party is on its way to a big win in the upcoming federal election that will be held on Saturday, September 23rd. Kiwi traded as high as 0.7376 against the dollar and is currently trading at 0.736 against the dollar.

The latest poll, published by ONE news showed that the support for the National Party, which has governed New Zealand since 2008 jumped 6 percentage points to 46 percent, while the support for main opposition Labour Party declined by 7 percentage points to 37 percent.

New Zealand dollar, which suffered setbacks in recent weeks over Reserve Bank of New Zealand’s (RBNZ) verbal attack against the kiwi, might see a revival on a positive election outcome.

We at FxWirePro forecasted the 0.825 target for the kiwi/dollar pair.