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Further range trading from the NZD against the US dollar this week.

Written by Sam Coxhead on February 24th, 2012.      0 comments

4:20 PM (NZT) It has been an interesting week, with the lead coming from fluctuating US dollar demand for the most part. The first half of the week saw the NZDUSD weaken, as US dollar demand strengthened, leading up to and immediately following the Euro-group agreement to extend the bailout funds to Greece. Yesterday the demand for the US dollar started to wane, with various factors driving the demand for “risk assets”, such as the NZDUSD. Further progress in Greece towards the debt swap, and good business confidence numbers from Germany helped turn the tide in favor of risk assets. The EURO rally has also dragged the NZD, and other currencies higher. The pair remains in its recently familiar range, and will see solid resistance come in if it pushes on to test its previous cap around the  .8420 level.
 
The current interbank midrate is:                                                            NZDUSD .8372  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8256 - .8429
 
 

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