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Is the NZ dollars momentum starting to wane against the USD?

Written by Sam Coxhead on February 17th, 2012.      0 comments

5:24 PM (NZT) The NZ dollar remains close to the six month highs it set against the US dollar, on Wednesday this week. Momentum has weakened however, leaving it vulnerable to sell offs at present. The better than expected NZ retail sales data and Australian employment numbers have provided boosts, while concerns over the Greek bailout funds softened the demand at times, as the market sentiment turned negative. Generally the global economic data continues its recent upbeat nature and this should ensure that NZ dollar finds support in periods of weakness. The recent sideways range trading of this pair seems likely to continue in the short term.
 
The current interbank midrate is:                                                            NZDUSD .8373  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8242 - .8425
 
 

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