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How is the NZD faring against the EURO?

Written by Sam Coxhead on September 30th, 2011.      0 comments

4:35 PM (NZT) The NZD has started the week reasonably well against the EURO, putting on ground as the pre weekend risk aversion abated. Shortly after the high for the NZD was reached the EUR dominance started. This pressure was not driven through economic data for the most part, but through wider market sentiment. Today’s NZ sovereign downgrades from rating agencies Fitch and S&P have sealed the NZD short fate by the looks. We are approaching critical levels of .5620 (1.7800) and should consolidation happen through these levels, its opens up the way for another leg lower for the NZD. Next week sees just the NZIER quarterly survey of business opinion released on Tuesday. So for the most part the lead will once again come from developments on the debt issue in Europe.
 
The current interbank price is:      .5655 (1.7683)
                                                             
The interbank range on the week to date has been:     .5634/.5840 (1.7123/1.7749)
 
 

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