[NZD/USD]

[NZD/USD] which rose to an intraday high around the 0.5690/95 level followed its Aussie cousin lower to reach an intraday low around the 0.5605/10 level filling buying orders at the 0.5630 level. Risk appetite dissipated on the back of weak Asia/Pacific stocks and on news that the US auto task force had rejected the restructuring plans of GM and Chrysler which was required to secure more funding for the beleaguered companies. Heavy selling in the Nzd/Jpy by Japanese margin accounts which saw the cross tumbled almost 1.5% also pressured the NZD/USD to the downside.