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Further record highs for the NZ dollar against the EURO.

Written by Sam Coxhead on July 20th, 2012.      0 comments

4:35PM (NZT) The NZ dollar again set new record highs against the EUR this week. The EUR remains under pressure across the board and unless the market sees a scramble to cover “sold EUR” positions, any great EUR appreciation seems unlikely at this point. The lower than expected NZ inflation data gave the EUR some reprieve, but it was short lived. For those looking to transfer NZ dollars into EURO’s the current levels offer very good value, or at least a starting point when staggering transfers. The focus in NZ next week will be the RBNZ cash rate decision and statement on Thursday. The cash rate will most likely remain unchanged at 2.50% and the statement will warn of the risks from the weak global economy on NZ prospects. The intense focus in Europe will continue, with sights on Spain and Italy in particular.
 
The current interbank midrate is:                                                            NZDEUR .6544                               EURNZD 1.5282
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6467 - .6563                EURNZD 1.5237 – 1.5463
 

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