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EUR softens as ECB rate hike expectations lower ,and Greek default chances increase.

Written by Sam Coxhead on April 14th, 2011.      0 comments

1:40 PM (NZT) The EURO has come under a little pressure in the last 24 hours for a couple of factors. Firstly , the projected track for cash rate increases from the ECB has been lower  somewhat on the back of a few donnish comments by officials and research from a major economic think tank. Accordingly BNP Paribas and JP Morgan have both publically pushed out their expectation for the next move from the ECB from May to August.
Adding to the soft tone were comments from German Finance Minister Schaeuble opened the door for Greek restructuring of debt before 2013 if it was obvious that Greece was not going to be able to meet its debt repayment obligations. This has been the first openly acknowledged comment from an official that investors may have to sacrifice a portion of their investment to enable Greece to have the ability to make its payments. Greek credit default swaps, the price to insure against default, have pushed out to record highs on the day.
For those looking to send money home from Europe to New Zealand or Australia, the rates have pushed higher. The New Zealand dollar has been a star performer over the last 24hours as it has made up ground against all its major trading partners, including Australia.
Meanwhile the USD was under some pressure overnight as the oil price rebounded after yesterdays softness. In the UK the unemployment numbers were mixed as claims increased by the Unemployment rate dipped to 7.8%. The latest consumer confidence numbers showed a bounce of the previous record lows. This has seen transfer money rates decline from the recent highs to be at .4840 currently at the interbank level.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7876 0.7825 0.7929
AUD/USD 1.0472 1.0429 1.0539
NZD/AUD 0.7520 0.7491 0.7537
AUD/NZD 1.3298 1.3268 1.3349
NZD/GBP 0.4840 0.4812 0.4867
NZD/EUR 0.5460 0.5404 0.5467
NZD/JPY 65.87 65.39 66.64
NZD/CAD 0.7588 0.7533 0.7632