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Confused price action marks the NZDUSD pair.

Written by Sam Coxhead on July 6th, 2012.      0 comments

4:41 PM (NZT)This pair has traded a relatively narrow band this week. It is not because a lack interesting forces in the market place. The confused price action has primarily been driven by tow countering factors. Anticipated central bank stimulation, which pushes the NZD higher, has been countered by lowering global growth forecasts, which push the NZD lower. Expect these offshore driving factors to continue in the short term. Later on today the latest employment numbers will be released in the US, and these will be closely watched. Stronger than expected numbers should see the pair push lower back towards the initial support at .8000. Expect further rangy sideways trade, that has been so evident for periods in 2012, to continue in the coming weeks.
 
The current interbank midrate is:                                                            NZDUSD .8022  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7993 - .8075
 

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