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Can the NZD consolidate gains to establish a new range against the YEN?

Written by Sam Coxhead on September 14th, 2012.      0 comments

1:55 PM (NZT) The impact on this currency pair:
External factors have driven this pair again this week. Increased market risk appetite stemmed from Chinese fiscal stimulation, progress in Europe towards the ESM and finally the dramatic efforts from the US Federal Reserve overnight. These combined themes have pushed the NZ dollar higher against the YEN. Next week the BOJ take center stage with the monetary policy decision. Expect further efforts to stimulate their economy(and weaken demand for the YEN). It remains to be seen if the increased NZ dollar demand has run its course yet. Breaking the 64.50 resistance does open up the way for further appreciation, assuming the pair can consolidate around current levels.
 
The current interbank midrate is:                                                            NZDYEN  64.65                             
                                                               
The interbank range so far this week to date has been:                 NZDYEN 63.20 – 64.66               
 
Topics: NZD YEN JPY
 

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