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Can the EURO strengthen against the NZD?

Written by Sam Coxhead on March 9th, 2012.      0 comments

12.27 PM (NZT) The NZ dollar has lost ground to the EURO this week. The week started with risk aversion and a downward adjustment of Chinese growth expectations and this curtailed demand for NZ dollars. Increased positivity with regards to progress on the Greek debt swap has eased the way higher for the EURO. As equity markets have risen over the last couple of days, the NZD has threatened to take back lost ground. But a dovish RBNZ and slightly hawkish ECB, has tamed any real enthusiasm for a higher NZD against the EURO, at this stage. The pair remains within its wider recent range. A good result from the Greek debt swap may see the EURO place further pressure on the NZD, and possibly push it back towards more historically average levels.
 
The current interbank midrate is:                                                            NZDEUR .6210                               EURNZD 1.6103
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6161 - .6304                EURNZD 1.5863 - 1.6231
 
 

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