NZD/USD

dips on comments from official at China's CIC reported by Reuters that USD has hit bottom while JPY will continue to decline, says Stonebridge Group forex dealer Ricardo Garrido. NZD/USD moved down (along with AUD, EUR, gold) to around 0.7380 after Peng Junming, official at China Investment Corp, country's US$300 billion sovereign wealth fund, said in his personal view USD would start to rise when both China, U.S., lift interest rates in second half of 2010. Garrido still reckons NZD in 0.7300-0.7410 range, though "medium-term, the Kiwi can still break a short-term high, close to the 0.7500 level."