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Choppy price action for the NZD against the YEN.

Written by Sam Coxhead on June 29th, 2012.      0 comments

3:42PM (NZT) The NZD saw initial weakness against the YEN to start the week. Then we have seen a period of consolidation and waiting for the EU summit. The subsequent equity market weakness in the offshore session yesterday pushed the pair down towards the lows. Now just released headlines point towards EU making funds freely available to stressed banks and this has seen the pair move higher again, albeit not back through the starting point of the week, expect the volatility to continue throughout the course of the summit, and potentially into next week. If sentiment is lifted overall, expect the NZD to see further appreciation in the short term.
 
The current interbank midrate is:                                                            NZDYEN 63.05                            
                                                               
The interbank range so far this week to date has been:                 NZDYEN 62.32 – 63.57             
 

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