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Euro demand sees it outpace the NZ dollar.

Written by Sam Coxhead on November 23rd, 2012.      0 comments

12:01 PM (NZT) The NZD made some initial ground against the EURO this week. The positive start was a follow through from the positive end to the week prior, but the gains could not be maintained. As risk aversion increased in the wider market, the EURO was surprisingly supported and this support saw the NZD underperform through the belly of the week. Expect contained ranges ahead of the conclusion of the  EU’s discussions on the Greek funding aid. The NZ dollar will be mostly influenced by the wider market sentiment with just NZ business confidence as a domestic focus next week. A positive result for Greece would likely see some further EURO appreciation, albeit a somewhat expected result to my mind. The pickup in economic data in the US and China will provide some latent demand for the NZD, so this will temper further underperformance of the EURO.
 
The current interbank midrate is:                                             NZDEUR .6330                      EURNZD 1.5822
                                                                                         
The interbank range so far this week to date has been:  NZDEUR .6320 - .6412       EURNZD 1.5596 – 1.5823
Topics: NZD EUR
 

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