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Directionless trade for the NZDYEN pair.

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

4:42 PM (NZT) This pair has seen sideways trade for the most part this week. The NZD remains in demand on dips as it looks likely that further central bank stimulation will continue. The BOJ monetary policy decision on Thursday next week will be the focus in the short term. With other central banks increasing stimulation, the way is paved for the BOJ to increase its efforts to promote growth, and temper YEN strength at the very least. The close resistance at 64.50 will provide the initial hurdle for further NZD appreciation, whilst 62.50 on the downside offers the first material support on the charts.
 
The current interbank midrate is:                                                            NZDYEN 64.17                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 63.58 – 64.39              
 

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