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Euro gives up ground to the NZ dollar.

Written by Sam Coxhead on September 21st, 2012.      0 comments

3:40 PM (NZT) It has been an interesting week for this pair as the EURO came back under some pressure following its recent resurgence in demand. After the EURO saw strong demand last Friday the pair started the week poised just above the  .6300support ( 1.5875 resistance) level. The support (resistance) was broken for a time but the pair was unable to consolidate through this level and since the NZ dollar regained traction, the progress of the NZD has been one way. It has been a case of NZD appreciation as well as EURO underperformance. The NZ GDP numbers certainly provided some solid demand for the NZ dollar, and the EURO suffered from profit taking from investors after such a large move in its favour. Direction from the current levels is less clear, but most of the focus will likely come from Europe in the absence of top tier data due in New Zealand. The nearby .6400 (1.5625) level represents some significant NZD resistance and provides the first hurdle for further NZD appreciation should it be forth coming. Any announcement from Spain of an approach to the EU for funding assistance should be viewed as EURO positive over time, with the new frame work in place.
 
The current interbank midrate is:                                                            NZDEUR .6395                               EURNZD 1.5637
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6391 - .6398                EURNZD 1.5630 – 1.5647
Topics: EURO EUR NZD
 

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