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EURO slide stablises as talk of increased EFSF surface

Written by Sam Coxhead on January 12th, 2011.      0 comments

11:20 AM (NZT) The slide in the value of the EURO abated in the offshore session as talk of increased volumes of cash for the European Financial Stability Fund (EFSF) surfaced. This coupled with the annoucement that Japan would buy 20% of the tranche to be issued next week, helped the EURO stall it's weakness. Further buying of the GBP/EUR cross gave the GBP a boost on most crosses.

In Australia the massive devastation of the Queensland flooding continues as the wall of water works it's way through the river system and beyond. Initial estimates are currently placing the economic cost of this diaster at around .3% of GDP for 2011. For obvious reasons the Australian dollar is under a little pressure on all cross rates.

The inability of the AUD to rise as the flooding plays out has meant that any rally in the NZD will be muted at best. Having made up around 4% against the AUD since the low prior to the New Year, progress from here will be grinding at best.
    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7597 0.7564 0.7632
AUD/USD 0.9848 0.9823 0.9955
NZD/AUD 0.7715 0.7672 0.7722
AUD/NZD 1.2961 1.2950 1.3033
NZD/GBP 0.4867 0.4860 0.4902
NZD/EUR 0.5857 0.5852 0.5896
NZD/JPY 63.31 62.88 63.46
NZD/CAD 0.7532 0.7508 0.7582