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Good value buying of AUD with NZ dollars.

Written by Sam Coxhead on December 14th, 2012.      0 comments

12:24 PM (NZT) The NZ dollar has somewhat surprisingly seen continued demand against the Australian dollar this week. At the time of writing the pair sits at the upper level of the recent range. The relentless move seems to have played itself out for the time being at least. This type of move from the NZ dollar happens periodically, and is accentuated when the liquidity in markets lower, such as in this lead up to Christmas. Current levels look to offer very good value buying of AUD with NZ dollars. Next week sees the latest RBA monetary policy meeting minutes released on Tuesday, and these provide the sole Australian focus for the week. In New Zealand the belated release of the 3rd quarter GDP number on Thursday will be closely followed, with the market looking for a .5% result. If further NZ dollar demand is seen, the .8050 will offer stiff resistance (1.2420 support).
 
The current interbank midrate is:                                                  NZDAUD .8006               AUDNZD 1.2491
                                                                                         
The interbank range so far this week to date has been:                 NZDAUD .7921 - .8016    AUDNZD 1.2475 – 1.2625
Topics: NZD AUD
 

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