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Latent demand underpins the NZD against the US dollar.

Written by Sam Coxhead on September 28th, 2012.      0 comments

2:05 PM (NZT) This pair has seen a decent battle this week. Latent demand for NZ dollars has seen the NZD supported on any dips, and this has seen it out perform on almost all pairings. Solid support has been established in the short term at .8180 and for the time being the pair has been capped at .8320. Further appreciation from current levels should prove to be harder fought. There has been market talk of NZ dollar demand being boosted by end of quarter portfolio flows , so it will be interesting to see how the pair performs next week in the absence of any domestic New Zealand economic data. In the US there is the usual congested economic calendar, but of note will be the employment numbers on Friday. These remain the key focus for the FED, along with the FED monetary policy meeting minutes on Thursday, provide the focus for the week. Overtime, currents levels may prove to have offered good value buying of US dollars if the global economy continues to see underwhelming growth.
The current interbank midrate is:                                                            NZDUSD .8345 
The interbank range so far this week to date has been:                 NZDUSD .8180 - .8346
Topics: NZD USD