[NZD/USD]

[NZD/USD] rose to the day's high of 0.5700 on a slightly better than forecast building permits data but that was all the pair could muster as it reversed direction over the course of the day to eventually reached an o/n low of 0.5585. The rejection of the GM & Chrysler restructuring plan started the ball rolling and gathered momentum during the European and US session when stock markets plummeted sending risk appetite scrambling for cover. Today sees the release of March NBNZ business confidence data which may create some volatility for the pair. However, equity markets and weak cpmmodities will likely dictate the pair's direction today. Buying orders at 0.5560 by corporates will provide support and selling orders at 0.5670 by a European name will keep the range this session.