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EURO bounces

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

 9:45AM (NZT) The EURO staged a mighty bounce in the offshore session as sucessful debt auctions from Spain and Italy added to the positive trend following Portugals auction yesterday. For the time the fear has reduced across all member state debt. Adding to the EURO resurgence were left field comments by ECB head Trichet with regards to acting hard on inflation. These comments flushed out many sold EURO accounts which saw the single currency stablise at 1.3350 at the end of the New York session.

The USD was broadly under pressure and this significant move took place. The AUD was a notable underpreformer as the Queensland floods temper investor enthusiasm for the lucky countries dollar.

With no data in Australasia today, all eyes will be on the start of the European session for direction ahead of the Retail Sales  and CPI numbers in the US tonight.

    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7679 0.7611 0.7699
AUD/USD 0.9955 0.9933 1.0009
NZD/AUD 0.7712 0.7649 0.7712
AUD/NZD 1.2967 1.2967 1.3073
NZD/GBP 0.4851 0.4823 0.4881
NZD/EUR 0.5753 0.5852 0.5896
NZD/JPY 63.57 63.18 63.85
NZD/CAD 0.7608 0.7506 0.7618