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Is it time for the EURO to fight back against the NZ dollar?

Written by Sam Coxhead on February 10th, 2012.      0 comments

5:35 PM (NZT) So far the NZD has retreated from its recent all times highs against the EURO, throughout the course of this week. The mixed NZ labour market outlook, coupled with increasing optimism in Europe that a positive conclusion to the Greek debt negotiations is close, has seen the EURO outperform. The EURO will remain susceptible to further periods of “sold position covering”, creating demand in the coming weeks. Next week is the pivotal time for the Greek situation in the short term, with exchange rate volatility likely to be the result next week. In NZ we have just the 4th quarter retail sales numbers on Wednesday for focus. A more positive outlook for the European core economies, aided by a resolution of the Greek debt swap negotiations, may see the NZD under further pressure from the current level. Therefore current levels continue to represent great value buying of EURO, with NZ dollars.
The current interbank midrate is:                                                            NZDEUR .6275                               EURNZD 1.5936
The interbank range so far this week to date has been:                 NZDEUR .6262 - .6377                EURNZD 1.5681 - 1.5969