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Market scrambles to cover shorts

Written by Sam Coxhead on April 20th, 2011.      0 comments

2:40 PM (NZT) Thin markets ahead of Easter appear to have been caught with sold currency positions, and are scrambling to cover positions. In the face of turmoil in Europe with the prospect of Finland and Germany voting to pull support for debt restructring or bailout packages for destressed state, risk assets have taken off in Asian trade.

The AUD/USD is close to record highs once again, and the NZD has bounced off support at .7820 to the current level of .7933.

AUD/JPY has also been a big mover, up almost 1% on the day at 87.72.

NZD/USD .7933
AUD/USD 1.0579
NZD/AUD .7500
AUD/NZD 1.3333
NZD/GBP .4855
NZD/EUR .5515
NZD/JPY 65.80
NZD/CAD .7572
 

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